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Reverse Mortgage Question #2

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archersusan Joined: 22 Apr 2011 Posts: 2 1.59 Dollars($)	Posted: Wed Apr 27, 2011 5:59 am    Post subject: Reverse Mortgage Question #2 Like 0 Dislike 0 Thanks, another question. The property I am thinking of getting a reverse mortgage on is a two family home that was willed to me. I have left one apartment vacant for my use and the other for my brother and wife. I am currently in process of renovating my apartment. How will appraisers view this situation?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Apr 27, 2011 9:25 pm    Post subject: Like 0 Dislike 0 Hi archersusan, You will be able to get a reverse mortgage if you're 62 years of age. As you're renovating the home, it will increase the home value and you will be able to get a reverse mortgage. Thanks.
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Thu Apr 28, 2011 9:06 am    Post subject: Like 0 Dislike 0 You can start the loan application process prior to the renovation being completed, but it must be complete before you get your Appraisal. _________________ Raymond Denton www.RaymondDenton.com

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