I am 57, can I get a reverse mortgage or something similar. I own my home (no mortgag) and the approx appraised value is $700,000.

Author Message
Icon Mini Profile mchrch





Joined: 10 Sep 2009

Posts: 1

1.30 Dollars($)
Post Posted: Thu Sep 10, 2009 9:04 am    Post subject: I am 57, can I get a reverse mortgage or something similar.
Like
Dislike

I am 57 yrs old and want to know If I can apply for a reverse mortgage or any other mortgage vehicle that works similarly. I own my home (no mortgage) and the approximate appraised value is $700,000.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Thu Sep 10, 2009 9:39 am    Post subject:
Like
Dislike

the minimum age requirement is 62 for a reverse mortgage.
_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
Icon Mini Profile JKennedySLG
JKennedySLG
Community Expert
Community Expert

best lender badge

Joined: 01 Apr 2009

Posts: 408
Location: New Jersey/New York
20.06 Dollars($)
Post Posted: Thu Sep 10, 2009 9:47 am    Post subject:
Like
Dislike

You may pull some cash-out of the property now to assist you in paying your bills to hold you over until you are eligible for a reverse mortgage. I hope this helps...
_________________
James Kennedy
New York/New Jersey
(732)979-7409

Hard Money & Stated Income Loans
First Time Home Buyers (540+ Credit)
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Thu Sep 10, 2009 9:56 am    Post subject:
Like
Dislike

i thought of suggesting that also, but demurred. depending on the actual need, it might be a valuable idea.
_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.440 seconds.