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My home is worth between 530000 and 565000. my mortgage is 480000 and I might be able to come up with an additional 50000. can I get a reverse mortgage

by williamrturner297 from Las Vegas, Nevada. 6 days ago Reply


Nathan Kessler (nathan.kessler@guaranteedrate.com)
#2 ranked lender in Nevada - 69 contributions

There are a few different things that go into creating a reverse mortgage. Depending on your age, this can be a loan you can look into. This said, even with the additional money added that would only bring it down to about 75% LTV. That is a high LTV for Reverse. If you would like to discuss your situation further, please call me at 702-683-3126. Thank you, and I look forward to hearing from you. Nathan Kessler Guaranteed Rate #377217

6 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,559 contributions

More info needed, specifically the age of the youngest borrower.. for a RM.. the loan to value is based on the age of the youngest borrower, so without knowing that, it's impossible to say.. Here's a link to HUD's reverse mortgage calculator.. http://www.reversemortgage.org/About/Reverse-Mortgage-Calculator There you can type in your details and it will tell you what your maximum loan amount would be.. but my guess is that you don't have enough equity to qualify right now.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

6 days ago
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