Quick Loan Funding Inc Refinanced elderly parents home in Titusville, Fla Costa Mesa Ste 600 Ca 92626Costa Mesa Ste 600 California

The loan you described is by no means a reverse mortgage. Your parents received an adjustable rate mortgage. A reverse mortgage is based entirely on the equity of the house. Your mother needs to look into getting a reverse mortgage immediately to get her out of the current loan she has.

I am sure she also has a pre-payment penalty that goes along with the mortgage she got earlier this year so that will be included in any payoff she requests, but the good news it is tax deductable because it is mortgaghe interest. I am not sure if she files taxes but if she does she will get some of that money back, if not at least she can possibley get out of the terrible loan she got.

The other choice she has is to take her loan documents to a real estate attorney and have them reviewed to make sure Quick Loan Funding did everything by the book, but that will cost her money for the attorney.

Your best bet is to look into a reverse mortgage as soon as possible. She is going to need a lot of equity to get a reverse mortgage, if she doesn't have that then I would look into either refinancing into a loan that fits her income better or even selling the house and taking what equity she has left.

If you want to reply back on this site I will be happy to answer any questions you may have, good luck.