Forgotten Your Password?

Need to Register?

Question Icon

RM refi

Grandmother left her home to me still under a RM loan. Need to make major home improvements to the home. can I get a RM refi? by jeffcovey768 from Daphne, Alabama. Jun 28th 2019 Reply


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

Unless you are 62 or older, you cannot refinance into another reverse mortgage. There are rehab loans' available. FHA has the 203K loan which will allow you to include come repairs into the new loan.. it's not an easy loan to do, and the fee's are a little heavy.. but it is an option. If you have high credit scores, then using conventional HomeStyle renovation loan would be better.. less fee's, much less complicated.. and allows for all types of repairs. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona 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 / LendUS, NMLS 1938/ AZMB0121893

Jun 28th 2019
1
0
Tom Lewis (Tom@TJH)
#16 ranked lender in Alabama - 16 contributions

Mr. Acres is correct in his last response. There are several programs available that would allow you to complete the home improvements. Please feel free to contact me anytime to discuss your options. 251-609-3770

Jun 28th 2019
0
0
Subscribe to our news feed.