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reverse mortgage with no equity and little income

have 205K balance on home with no equity, Social security income, with small income over that. Can i get a reverse Mortgage? by jwthor_249_848 from West Yellowstone, Montana. Oct 6th 2011 Reply


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#0 ranked lender in

the reverse mortgage is not based on income--it is strickly built upon the equity in your home

Oct 6th 2011
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Bert Carpenter (BertCarpenter)
#42 ranked lender in Arizona - 1,731 contributions

Based on the information you provided, probably not at this time. Reverse Mortgages generally lend between 50 & 60% of the appraised value. The rest is a reserve from which the accrued interest gets paid from. The great part about reverse mortgages is the borrower need not document any income at all to qualify, just sufficient equity in the home.

Oct 6th 2011
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Brady Smedsrud (BradySmedsrud)
#3 ranked lender in Montana - 17 contributions

Your house would have to appraise for around 410K for most lenders to consider a reverse mortgage. To give you an idea of what your house is worth, talk to a realtor to see if they can look at comparable properties around West Yellowstone that have recently sold.

Oct 7th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,741 contributions

Not at this time.. you do not have sufficient equity. There are no income restrictions, just equity guidelines.. WilliamAcres.com

Oct 7th 2011
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I spent so much time and energy learning and comparing lenders for the HECM reverse mortgage , I can say that I could have saved all the headaches thanks to this company I found recently - reverse mortgage lenders direct - they are able to compare multiple banks/lenders so they were quick in giving me multiple quotes - they are really friendly and you can ask them any question about the HECM program - their website http://www.reversemortgagelendersdirect.com/

Apr 3rd 2013
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