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What percentage would you loan to a 64 year old with a house valued at $110,000 and owes nothing?

by jm.watsontwo2102 from , California. May 26th 2014 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Evening. A loan would be based on your ability to repay, which would mean that it depends on your debt to income ratio as well as the value of your home among other things. If you are looking for a loan, you should check with your current banking institution to find out what options you may have. Good Luck!

May 26th 2014
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Hans Bruhner (hans@asktheloanman.com)
#204 ranked lender in California - 18 contributions

Steven's answer is correct for a regular mortgage but your question gives me almost enough information to answer how much we could give you on a reverse mortgage. I would just need to have a zip code in CA and I could tell you. If you are looking for a reverse mortgage in CA, call me or look at www.HeyThatsMyEquity.com

May 27th 2014
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Phil Georgiades (phil@fedhomeloan.org)
#993 ranked lender in California - 21 contributions

It depends on 1) the mortgage type; 2) your ability to repay the debt and 3) program guidelines; and 4) investor guidelines. A government insured "forward" mortgage will allow you to cash out a lump sum up to 100% (for a VA loan) or 97.5% (for an FHA loan). A reverse mortgage will allow you to receive a monthly payment for the rest of your life. The reverse mortgage will not be a lump sum but instead a series of monthly payments. If you do not have stable income, the reverse mortgage is the way to go. If you do not have stable income and want a lump sum, then "hard money" is the way to go. Hard money will be a much higher rate and will limit you to 50-70% of the homes appraised value.

May 27th 2014
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John Moran (TheHomeMortgagePro)
#7 ranked lender in Arizona - 661 contributions

Based on your other questions, it looks like you are trying to obtain a reverse mortgage and in that case, Hans is probably your guy. Reach out to him through his profile.

May 28th 2014
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