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Property was just appraised at $550k.Balance on loan is $355kAny chance this would qualify for a RM?I'm 62.

by akadashoe381 from , California. Jan 13th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Sorry, but it doesn't look like you would be able to do a RM.. Here's HUD's calculator to put in your own numbers and see.. http://www.reversemortgage.org/about/reversemortgagecalculator.aspx It looks like you're off by $90K. At 62, you need about 50% equity to do a RM.. 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 13th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Doesn't look like there would be enough equity. You should sit with a local mortgage broker who does reverse mortgages and go over your entire situation to see if there are options to help you achieve your goal. I say a mortgage broker because typically an experienced broker will have more experience and knowledge of more programs then a bank loan officer. Good Luck!

Jan 13th 2015
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

I am a reverse mortgage specialist, and the newest guidelines would limit our loan to about $290,000. Sorry. Consider selling, and taking your proceeds of about $175,000 as a down payment on a smaller house selling for $350,000, with a purchase reverse mortgage of $175,000. You then will have no monthly payment. If you do, please let me help you.

Jan 13th 2015
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Hans Bruhner (Hans Bruhner)
#100 ranked lender in California - 101 contributions

I am only going to echo what everyone has said. You could definitely sell and but a cheaper house and use a RM to finance the home. Many counties in California will allow you sell a home and buy a cheaper home and move the tax base with you. With Proposition 13 in effect, this could save you a bundle in property taxes. I am here in California and would be happy to help (415) 843-0143 x 1

Jan 13th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

You might consider a refinance and see if that might lower your payments, or allow you to take some additional cash out to pay other things. Rates are really low again!

Jan 14th 2015
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Great info from you all, thanks.If I can swing it, I'll try and keep the home. (it was left to me in a trust)But if not, I'll definitely need to downsize and try for a new RM.

Jan 14th 2015
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