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What is the minimum loan to value ratio required to qualify for a reverse mortgage

by Lita Paritsky from Lake Worth, Florida. Jul 13th 2016 Reply


neil sherry (1neilly1)
#131 ranked lender in Florida - 7 contributions

Lita: How are you? I just closed a reverse mortgage a few months ago in Lake Worth-Valencia Shores. Reverse mortgages are based on the age of borrower, property values, property type . The lender "MAY" also look at credit and residual income to pay for property taxes/ insurance/ HOA etc. Please call me anytime for a free reverse mortgage loan scenario 561-732-6376 Neil Sherry nlms 328117 Florida Mortgage Consultants nlms 393969 neil@flmtgcon.comWe are located in Palm Beach County

Jul 13th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,333 contributions

The Loan to Value ratio is determined by the age of the youngest applicant.. the older you are, the higher the loan to value allowed.. Here's a link to HUD's Reverse Mortgage Calculator.. http://www.reversemortgage.org/About/Reverse-Mortgage-Calculator But based on the youngest person being 62 or older, you can expect about 52% Loan to value.. but it only goes up from there.. 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 NMLS# 226347

Jul 13th 2016
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Scott Fix (ScottFix)
#1340 ranked lender in California - 184 contributions

William is right on the money with his answer. Find a local loan professional to help guide you through the reverse mortgage waters. Not like a traditional loan, but a great way to tap into equity. Go to http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten This is a very good place to find answers to frequently asked questions regarding reverse mortgages. All the best, Scott.

Jul 13th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

William gave you the correct answer.

Jul 14th 2016
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