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How much equity is needed for reverse mortgage?

Do we need to own the house outright to be able to get some cash? by PhillipYates44 from Boca Raton, Florida. Jun 27th 2010 Reply


You can use this online calculator (use the link is at the HUD website) to get an idea of the maximum loan size for your situation, and some explanation of the possibilities. Then reduce the loan size by the amount owed on the property to determine how much lump sum cash you could get:http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfmHUD also has a useful discussion:http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfmAnother calculator is found here, which incorporates the "amount owed" into the calculation:http://rmc.ibisreverse.com/default_nrmla.aspxA qualified lender can explain the different options available.

Jun 27th 2010
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It is totally dependent on the borrowers age and property value. These are the sole criteria. You can have an existing loan -- over 50% of borrowers do. The first gets paid off and if there is cash available, you can get that in the form of a lump some or stream of payments.

Jun 27th 2010
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usually your loan to value needs to be around 60% in general, but there are a few factors that will affect your loan to value. Your age is the main factor, the older you are, the better chance of lending a higher loan to value.

Jun 28th 2010
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Even if your only source of income is passive income, you can get a cash-out refinance without the high fees of a reverse mortgage. ... Happy funding, Rudi

Jun 28th 2010
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I commented before. I came back to give you AARP's Reverse Mortgage Calculator. .... You'll need to cut and paste into your address bar. .... http://rmc.ibisreverse.com//rmc_pages/rmc_aarp/aarp_index.aspx .... Happy funding, Rudi

Jun 30th 2010
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The equity position depends on the age of the youngest borrower. If you are in Florida please give me a call and we can discuss it.Charlie

Jun 27th 2010
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