All Forum Posts by: Vanessa Ryder

Thank you @Noor Gill so much! Will def check it out.. oK so the base (principal) starts pretty much at the current outstanding loan value, not the AVM or the number they use to calculate whether there is equity. That's a big difference in his case he owes $300, AVM $570. So the loan would increase from $300 plus fees, not from $575 I think you are saying.. which is a pretty big difference!! Do I have it right? Either way thank you for the referral will help it out!! Much appreciated! 

Well first I would counter see if you can get them down!!! Worth a shot. If I was them I would expect that..

Noor Gill thank you so much! The HeCM is the one we were talking about. Just to be clear is the base loan amount the AVM? Then it increases from there? Thx everyone for your input. Invaluable. I love Bigger Pockets! ;)

Ok trying to help a friend. Might do a reverse Mortgage and spot the input needed on his behalf. (The calculator per the underwriter shows an input needed). My question is at the end of the seniors life, how do they come up with the loan amount that has to be paid off.. Can I arrange it so in return he names me as beneficiary (he is no heirs) and will I be able to pay off the loan (and at what level?) to purchase the house? Or will I have to pay the bank the market price of the house? Surely I just would have to pay back the loan. If so, how does it work? Do I have to pay back the number the bank comes up with NOW as we get the loan, or is it a future amount adding interest??? Ie: does the loan PAYOFF amount keep increasing over time?

Hey guys.

I am looking to help a friend.

Her husband unexpectedly passed away last year. There was no will and now the house is going through probate.

Any tips where to start? What (if anything) she can do.

She is a little lost and I figured someone out there might have some general ideas / which direction to point her in, or if its a lost cause..

PS. She used to have a good job (before kids) and is out earning income again.. and financially can handle payments, although she does also want to refinance into a better loan.

hey @Will Barnard.. See above.

"Roll it on to your end buyer and next year they are responsible for the fee anyway.. Can you elaborate?

Do you mean just build it into your sale price?

Not sure why they are responsible for next years? I have an LLC to hold my flips..

Thx

thx @Matthew Kreitzer thats makes it perfectly clear!

@David Varvaro FYI

@Matthew Kreitzer not sure my tag worked..! ;) Same for you @Rick H. ;)!!
Please see above.. thx!

check this out @david varvaro 

@Bhekizwe M. @Matthew Kreitzer.. sorry, but forgive me. Why does it matter who are the beneficiaries? Does this make her niece's / caretaker's claim any more or less valid? 

PS everyone, no Lis Pendens filed that we know of. 

Just "I am getting a lawyer" threats, and "I am the owner" at this stage. Nothing substantiated.