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Reverse Mortgages/Questions
| Subject | Date Asked | Expert |
| mortgages | 9/16/2011 | Yan Ross |
| Q: can my 76 yr. old mother living only on social security and disabled get a reversed mortgage on a ... A: Patricia, You will have to get a specific calculation from a reverse mortgage lender licensed to do ... | ||
| Mother in law and reverse mortgage | 7/14/2011 | Yan Ross |
| Q: Our situation is common I am sure. My mother in law is 75 and in relatively good health and active. ... A: John, Your situation may be common, but let me say at the outset that your kindness and generosity ... | ||
| Condo Reverse Mortgage | 1/22/2011 | Yan Ross |
| Q: Can I be denied a reverse mortgage because I live in a historic district- yes the building is on the ... A: Joan, I am not aware of a specific exclusion for reverse mortgage eligibility based on historic ... | ||
| rip off | 1/21/2011 | Yan Ross |
| Q: im thinking and reading about reverse mortgages. how do i avoid getting ripped off or paying way too ... A: Harry, The rules on fees and disclosures for federally-related reverse mortgages have tightened ... | ||
| reverse mortgage | 9/8/2010 | Yan Ross |
| Q: my sister lives in the home I do not, could we both apply for a reverse mortgage, with only one of ... A: Bret, The requirements include the following: Owner (on the title of the property) must live in ... | ||
| Reverse or NOt to Reverse | 9/8/2010 | Yan Ross |
| Q: I am 66. I have no family to leave a house to. I am financially hounded. I live in the middle of ... A: Cliff, While I can't give you a definitive Yes or No, there are some considerations you need to ... | ||
| Reverse mortgages | 8/4/2010 | Yan Ross |
| Q: n your opinion, what are the advantages and disadvantages of reverse mortgages. Also, could you ... A: Sallie, There are many published articles, from many points of view, on the advantages and ... | ||
| access funds in my HECOM line of credit | 1/2/2010 | Yan Ross |
| Q: I recently obtained a reverse mortgage and opted for the line of credit. I had researched the ... A: Nan, and thanks for your question. I would suggest that you go back to the individual who submitted ... | ||
| Credit line | 10/19/2009 | Yan Ross |
| Q: If my reverse mortgage has a credit line and I still have $100k credit still available and I need to ... A: Yes, I understand that you would not be liable for any shortfall on the sale, assuming it's a HECM ... | ||
| Credit line | 10/19/2009 | Yan Ross |
| Q: If my reverse mortgage has a credit line and I still have $100k credit still available and I need to ... A: Ross. You pose an interesting question, but one that requires additional information for me to ... | ||
| REVERSE MORGAGE ON CONDO. | 10/10/2009 | Yan Ross |
| Q: My question is... I live in a 16 unit condo complex. I want to know how many condo's need to be ... A: Crystal, First, I can't give you a legal opinion, especially not knowing in which State you reside. ... | ||
| Reverse mortgage with line of credit & | 5/13/2009 | Yan Ross |
| Q: Would you please explain & help me to understand better how a "growth rate" that is attached to a ... A: Do I need to get this RM here in Connecticut where I reside ? Since your home is in CT, the lender ... | ||
| Reverse mortgage with line of credit & " Growth rate " | 5/12/2009 | Yan Ross |
| Q: Would you please explain & help me to understand better how a "growth rate" that is attached to a ... A: ang! The "growth rate" feature is available on many Reverse Mortgage loans, such as the ... | ||
| reverse mortgage | 5/9/2009 | Yan Ross |
| Q: We were just denied a reverse mortgage on a condo by Wells Fargo.Reason:Construction lien on whole ... A: Richmond, First, there is probably not a direct way to avoid the lien on the overall condo complex. ... | ||
| Reverse mortgage | 4/5/2009 | Yan Ross |
| Q: I have been tossing the idea around to obtain a Reverse mortgage just so I can remodel my condo ... A: You are welcome! One further thought: you don't have to take down the entire available amount of ... | ||
| Reverse mortgage | 4/4/2009 | Yan Ross |
| Q: I have been tossing the idea around to obtain a Reverse mortgage just so I can remodel my condo ... A: "ang": You need to consider several issues in deciding whether the reverse mortgage is a suitable ... | ||
| Reverse Mortgage in Condo Complex | 3/2/2009 | Yan Ross |
| Q: My parents, who are both in their late 70s, are interested in securing a reverse mortgage on their ... A: Tina, First, I can't give you a legal opinion, particularly on Florida law. However, I can suggest ... | ||
| reverse mortrgages | 1/22/2009 | Yan Ross |
| Q: My parents are in the process if buying a vacation home. They currently have a reverse mtg on their ... A: Rebecca, Let me respond in two ways: theoretical and practical. Theoretically, the equity your ... | ||
| Buying a reverse mortgages | 11/8/2008 | Yan Ross |
| Q: Is it in any way possible to buy a house that is reverse mortgaged to someone who does not live in ... A: Daija, You pose a very interesting question. There are some facts that are not apparent, but I can ... | ||
| reverse mortgage | 3/23/2008 | Yan Ross |
| Q: Good morning, Yan, I live on Long Island, NY. I'm extremely interested in a reverse mortgage. I'm ... A: Judy, Thanks for the clarification. Just a couple of additional thoughts. RM calculation is based on ... | ||
| reverse mortgage | 3/23/2008 | Yan Ross |
| Q: Good morning, Yan, I live on Long Island, NY. I'm extremely interested in a reverse mortgage. I'm ... A: Judy, and thanks for your inquiry. You raise many questions in search of a comprehensive answer, and ... | ||
| Can a reverse mortgage be used to protect my assets | 1/15/2008 | Yan Ross |
| Q: If my wife has to go into a nursing home permanently, can the reverse mortgage be used to shield my ... A: Jules, There are several questions involved in the situation you describe. Let me try to respond ... | ||
| Reverse Mortgage | 9/12/2007 | Yan Ross |
| Q: Yan - I have read up on and downloaded a lot of information on reverse mortgages but in all the ... A: I'm glad you've asked for further clarification, because there are additional terms that affect the ... | ||
| Reverse Mortgage | 9/12/2007 | Yan Ross |
| Q: Yan - I have read up on and downloaded a lot of information on reverse mortgages but in all the ... A: David, First, the interest rate that applies to the reverse mortgage is not the same for all ... | ||
| reverse mortgage | 5/14/2007 | Yan Ross |
| Q: My Mom is retired and in her mid-seventies. She lives on $900.00 per month in social security with ... A: Rosemary, Your situation is not unusual for adult children with aging parents. It is a positive ... | ||
| mortgage or reverse mortage? | 5/12/2007 | Yan Ross |
| Q: My mother is 90 and not well. She lives with my sister in Sarasota, FL. Her own home has been for ... A: Maguy, If it were my Mom (who's 94), I would be thinking about a home equity loan from one of the ... | ||
| mortgage or reverse mortage? | 5/12/2007 | Yan Ross |
| Q: My mother is 90 and not well. She lives with my sister in Sarasota, FL. Her own home has been for ... A: Maguy: The reverse mortgage is appropriate for homeowners who are over the age of 62, currently ... | ||
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Yan Ross
Top Expert on this page
Expertise
Reverse Mortgages are a financial tool available to homeowners of the age of 62 or older. They are not for everyone. Mr. Ross provides responses to questions regarding eligibility, terms, consumer protections, financial requirements, and all other aspects of HUD-sponsored and other private program Reverse Mortgages.
Experience
In addition to my legal and general business experience, I have trained with John Bennett, of Home Lending Specialists, the leading and most experienced originator of reverse mortgages in the country. I have mastered both academic and practical aspects of the reverse mortgage business, with special emphasis on consumer protections.
Education/Credentials
Author, Certified Home Equity Conversion Mortgage Specialist (CHECMS) course, Institute of Consumer Financial Education (ICFE)
Bachelor of Arts, Princeton University --
Juris Doctor, Yale Law School --
Accredited Educator in numerous professional disciplines
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