"Ok.........I live in florida. Our home is in Husband's name only. He has a reverse Mortgage. Both previously married. What would happen "God forbid my husband would pass before me" to the house? Can I stay in house and if so how long could I stretch out living in the house? Hopefully this won't happen any time in the near future but I would like to know what if any options I might have. Thanks in advance, Judy"    View Post

"If I rent my house with an option to buy and put the monthly rent towards the down payment to help them better qualify for financing would this be taxed as income? Or would it just be considered part of the sale price of the house and not taxed? Thanks, Judy"    View Post

"I just did a recast. They take your existing interest rate and recalculate the payment with the new balance owed for the amount of years/months left on the original loan. It cost me only $250.00 with BOA. MUCH cheaper then closing costs!!! It definetly lowers your payment. As far as paying your house off sooner you can always pay extra on you principal with your monthly payments. Just a thought!? Judy"    View Post

"Thanks to everyone's input. I have learned alot from this site. I put the recast in motion. I figured the difference between it (5.625%) and the refi (4.875%) was only $40 a month and only cost $250 compared to several thousands for closing costs, also wasn't worth the aggreviation and stress with the appraisal problems. I have great credit and excellent FICO scores so if things settle down or rates ever get down to 4.5 I can still do a refi. down the road.................Thanks Everybody..."    View Post

"Thanks Kelcey, I didn't understand what a modification was. and that was one of the things I wanted to know. I will try the calculations and see how it comes out. I plan to retire and live the rest of my life in this house. Thanks for the help."    View Post