What is a reverse mortgage?

A Reverse Mortgage is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.

If I inherited a reverse mortgage, what do I do? What are my options?

Immediately get an assessment  the outstanding balance (Pay Off)  of the reverse mortgage, the actual value of the property then contact The Mortgage Doctors Inc.

I am at risk of losing my home to foreclosure, is there anything I can do to keep it?

Collect all of the mortgage information, name of mortgage company, last payment, monthly payment amount, cost of taxes and insurance, city and state then contact The Mortgage Doctors Inc.

Is it possible to repay the reverse mortgage and keep the property?

Yes but you may be responsible to pay 95% of what the appraisal advises that your property is worth.

Can a home with a reverse mortgage be foreclosed on? 

If the borrower doesn’t meet the contractual requirements of the mortgage, i.e. staying current on property taxes, having homeowners’ insurance on the property, and maintaining the home in a reasonable condition. If the borrower doesn’t pay taxes and insurance on the property, the lender may advance the funds to the lender for those bills initially. If the borrower doesn’t repay the advanced amounts, the lender may call the loan due.

 My inherited reverse mortgage is upside down, is there a way that I can expedite the selling of the house and still walk away with money in hand?

Yes collect all of the mortgage information and call The Mortgage Doctors Inc. DO NOT EVER JUST WALK AWAY FROM REAL ESTATE AND SAY THERE IS NOTHING IN IT FOR ME !!! YES THERE IS .

Do I need good credit to get into real estate or obtain a Hard Money Loan?

In most cases you are required to have at least a 575 credit score, If you don’t still call us for other options

Do I have to have experience ?

No but it does help

How much do I need to have in the bank ?

At least 25% in addition to 3 months of reserves for your monthly payment

What is actually required to obtain a Hard Money or Business Loan?

All loans are to business entities only. Three months banking statements of the same business entity name , credit score of at least 575, HUD 1 Purchase and HUD Resale of all properties in the last 36 months, before and after Photos of all properties rehabbed are helpful.