Comments on: Reverse Mortgage options for people under 62? http://reversemortgagedaily.com/2007/02/14/reverse-mortgage-options-for-people-under-62/ Reverse Mortgage News and Information Thu, 09 Sep 2010 01:15:00 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: CircleLending Becomes Virgin Money USA and Offers Reverse Mortgage Alternative | Reverse Mortgage Research http://reversemortgagedaily.com/2007/02/14/reverse-mortgage-options-for-people-under-62/comment-page-1/#comment-2347 CircleLending Becomes Virgin Money USA and Offers Reverse Mortgage Alternative | Reverse Mortgage Research Tue, 06 Nov 2007 22:17:31 +0000 http://reversemortgagedaily.com/?p=56#comment-2347 [...] the company as Virgin Money USA.  We wrote about Circle Lending back in February when they released their Family Advantage (TM) product, which was marketed as a reverse mortgage [...] [...] the company as Virgin Money USA.  We wrote about Circle Lending back in February when they released their Family Advantage (TM) product, which was marketed as a reverse mortgage [...]

]]> By: Gloria http://reversemortgagedaily.com/2007/02/14/reverse-mortgage-options-for-people-under-62/comment-page-1/#comment-2264 Gloria Mon, 22 Oct 2007 13:43:18 +0000 http://reversemortgagedaily.com/?p=56#comment-2264 If you are loaning money against the property, and the owner dies, and you're the relative that gets the house, your loan simply turns into equity. And, you pay no one back. If another relative is lending the money, and you inherit the property you'd have to pay the money back to the relative.....just like you'd pay off any other reverse mortgage. If you inherit the property, you'd pay off any loan that is on it, so you are not diminishing your inheritance if you are also the lender. If you are loaning money against the property, and the owner dies, and you’re the relative that gets the house, your loan simply turns into equity. And, you pay no one back.

If another relative is lending the money, and you inherit the property you’d have to pay the money back to the relative…..just like you’d pay off any other reverse mortgage.

If you inherit the property, you’d pay off any loan that is on it, so you are not diminishing your inheritance if you are also the lender.

]]> By: CircleLending Becomes Virgin Money USA and Offers Reverse Mortgage Alternative at Reverse Mortgage Daily http://reversemortgagedaily.com/2007/02/14/reverse-mortgage-options-for-people-under-62/comment-page-1/#comment-2259 CircleLending Becomes Virgin Money USA and Offers Reverse Mortgage Alternative at Reverse Mortgage Daily Mon, 22 Oct 2007 01:42:42 +0000 http://reversemortgagedaily.com/?p=56#comment-2259 [...] the company as Virgin Money USA.  We wrote about Circle Lending back in February when they released their Family Advantage (TM) product, which was marketed as a reverse mortgage [...] [...] the company as Virgin Money USA.  We wrote about Circle Lending back in February when they released their Family Advantage (TM) product, which was marketed as a reverse mortgage [...]

]]> By: Jprebs http://reversemortgagedaily.com/2007/02/14/reverse-mortgage-options-for-people-under-62/comment-page-1/#comment-1311 Jprebs Thu, 15 Feb 2007 21:19:47 +0000 http://reversemortgagedaily.com/?p=56#comment-1311 You can fill out you info on their site and download the product brochure .... but after reading it, sounds like Circle is just a doc preparer and servicer. I would assume the family or friends could do a HE loan to pull out the equity required to pay off the loan. Sounds like from the brochure Circle is leaving it up to the lenders (family, friends) to decide if they want to lend up to and over the value of the house. Of course, they recommend only going to 70%. Since you are essentially paying yourself back after the loan is over, I would think you either decide to eat it or find some other money. Seems kind of confusing ... I would think family or friends could do something like this without Circle Lending in the mix. You can fill out you info on their site and download the product brochure …. but after reading it, sounds like Circle is just a doc preparer and servicer. I would assume the family or friends could do a HE loan to pull out the equity required to pay off the loan. Sounds like from the brochure Circle is leaving it up to the lenders (family, friends) to decide if they want to lend up to and over the value of the house. Of course, they recommend only going to 70%. Since you are essentially paying yourself back after the loan is over, I would think you either decide to eat it or find some other money. Seems kind of confusing … I would think family or friends could do something like this without Circle Lending in the mix.

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