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can i get a reverse mortgage with no equity?

by jerranwest2982849 from Freeburg, Illinois. Apr 15th 2015 Reply

William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

Unfortunately, no.. Typically you need nearly 50% if your 62, but the older you are, the less equity required to do a reverse mortgage.. here's HUD's link to an RM calculator. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Apr 15th 2015
Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

Yes, you can. However you will have to bring a significant amount of funds to the table since reverse mortgage require an equity position. Several better questions may be; how much money do I need to bring to closing to get a reverse mortgage? Or, how much equity do I need so I don't have to bring any money in to closing? Answers to both questions will require more information such as what is the value of your home, how much is owed and how old are the borrowers.

Apr 16th 2015
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