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I would like to take out some equity on my home which is owned free and clear. I need to consolidate some credit card debt and do some renovation on my home. I also own a second property which was inheirited that has a reverse morgage that i need to refi out of.

by c_wallace2005423 from , Virginia. Jan 15th 2014 Reply


Donna Harrington (dharrington)
#31 ranked lender in Virginia - 1 contribution

Are you wanting to refinance the 2nd home that has the reverse mortgage on it too? Depending on your credit and financial obligations you should be able to take equity out of your primary residence, and refinance the 2nd home that has a reverse mortgage. Not knowing all of the information about both properties, I can only give general answers.Thank you:Donna HarringtonNMLS # 506606

Jan 15th 2014
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You should be able to refinace both homes. It will be dependant on how much you want to borrow realtive to the value of each home. Joe Shamie 866-970-3400 x-5135

Jan 15th 2014
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Ron Schwartz (RonSchwartz)
#69 ranked lender in Maryland - 63 contributions

Hi C_Wallace,We would do both simultaneously. This would assure you of approval on both transactions as one would not adversely impact the other. I'd recommend this step, particularly in light of the fact that the Reverse Mortgage continues to accrue interest until you've refinanced that balance into your name.All of this would, naturally, depend on your qualifications in terms of income and your cash-out objectives for the Debt consolidation and renovation of your current primary residence.To properly assess this opportunity you should complete a loan application and fully document your income etc. with the help of a loan officer.I originate both forward and Reverse Mortgages and it might be helpful if someone familiar with them would be part of your research. Hope this was helpful.Best,RJS

Jan 15th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,623 contributions

Not a problem.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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 WilliamAcres.com

Jan 15th 2014
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NA NA (notapplicable)
#8 ranked lender in Virginia - 15 contributions

You could do both refinances concurrently. Otherwise, I suggest the following approach: 1.) Refinance the debt first that costs you the most per month in finance charges (credit cards or reverse mortgage). 2.) Which refinance would give you greater peace-of-mind? Go with that one first. Feel free to call or email me with any questions or if you want to discuss your scenarios in further detail. We are based in Charlottesville, VA. Regards, Jason Crigler, Crown Mortgage. 434-975-5626 x111 / jason@crownmortgage.com

Jan 15th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Enter your answer here

Jan 15th 2014
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Please feel free to call me to discuss both of these scenarios to determine what options would work best for taking into account your long and short term goals for both of these properties.

Jan 15th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Hi Wallace, you've gotten some good answers, but I need some more detail information in order to best answer your question. I am a licensed Branch Manager/Loan Originator in the state of Virginia. Please give me a call Jericho Cherry-804-556-0685 or email me; jcherry@loansimple.com and we can go over some different loan scenarios.

Jan 15th 2014
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Ken Mextorf (KenMextorf)
#79 ranked lender in Virginia - 5 contributions

Hi Mr. Wallace,I would suggest doing both mortgages at the same time. I would look at the values of both properties, the current loan amounts on each and also discuss how much money you need to consolidate your credit cards and accomplish your remodeling. You may be able to do a cash out refinance on your current primary residence to pay off your credit cards, remodel and pay off the reverse mortgage. All of this would subject to your current income and credit picture. I would be happy to set up a time to meet face to face or by phone to discuss all the particulars and put together a game plan that works for you. I'm located in Charlottesville, VA and set appointment times that meet my clients needs. Just give me a call or email me at your convenience.

Jan 15th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

You can draw out about 50% of the appraised value of your primary residence, depending on your age. It can be used for any purpose, including paying off the mortgage on the inherited home. If that is not enough, you may need to use a conventional loan for all or part of the inherited home mortgage payoff.

Mar 19th 2014
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#1 ranked lender in Nevada - 72 contributions

You have a lot of options, and I would be more than happy to explore them with you if you haven't yet got the info you need. Give me a call, I look forward to hearing from you. Nathan Kessler 702-522-6745 City First Mortgage Services

Jul 22nd 2014
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