Question on sponsor

[MyAmado 0]

I am under the amount for a family of 4, I have money in my savings for my husband once we have to send a new affidavit of support. My husband is currently waiting on waiver in Honduras. Now I will send the I130 for my stepson will I have to make more for a family of 5 now for both? Hope I am clear enough. And my next question, my father has a house but he did a reverse mortgage can this house be included as his assets as a co sponsor with his Social security and his pension? Thanks, Cecy

j

[Penguin_ie 5,984]

***** Removed several duplicate threads *****

You only need to make enough for the immigrants currently approved; so 4 for your husband, and when your stepson gets approved in a few months, 5.

How much of his house does your father still own? If with the reverse mortgage, an institution now owns the house and hbe "rents", then he cannot use it as an asset.

[MyAmado 0]

***** Removed several duplicate threads *****

You only need to make enough for the immigrants currently approved; so 4 for your husband, and when your stepson gets approved in a few months, 5.

How much of his house does your father still own? If with the reverse mortgage, an institution now owns the house and hbe "rents", then he cannot use it as an asset.

I believe he still owns it .... once he dies the house is the banks unless one of his children want to buy it. Hey still pays his taxes on it every year. He has no monthly payment any more.

[JimVaPhuong 4,863]

I believe he still owns it .... once he dies the house is the banks unless one of his children want to buy it. Hey still pays his taxes on it every year. He has no monthly payment any more.

In all likelihood, he cannot claim his home as an asset. Even though there might be equity in the home, he does not have access to it because of the reverse mortgage. Although it's technically possible for a home to have accrued more equity than the original reverse mortgage was based on, it's extremely rare for a second lender to be willing to get in line behind the reverse mortgage lender with another lien. In the current housing market, it's also more likely that the home has lost equity rather than gained it since the reverse mortgage was approved. About the only way he could get his equity out of the home would be to pay off the reverse mortgage and then take out a conventional mortgage or HELOC loan. That would run contrary to the reason most people take out a reverse mortgage, which is to gradually collect on the equity in their home with the understanding that the bank will own the home when they die.

[MyAmado 0]

can social security be used? If I need a sponsor I am below the povertly level by 2000. Will the sponsor need to make the wholw amount needed or just the difference. Also I if I have 30,000.00 dollars on IRA can I use that as asset? It is under my and my dads name(the IRA)? Thanks, Cecy