Can I get a reverse mortgage

Guest 0.10 Dollars($)

I am 63 years of age and my wife is 58 years of age. I have lost my job and need some extra money now. I have a home debt free valued at $325,000. Can I take a reverse mortgage against my home?

blue · Posted: Sat Jul 22, 2006 2:02 pm Post subject:

Hi Francis,

I assume your wife is co-owner in the house. In that case you can't get approved for a reverse mortgage unless she also attains the age of 62.

Eligibility for a reverse mortgage depends on the age of the youngest co-owner in the house and the market value of the house.

However if your wife quit claims her title to you then you can get a reverse mortgage alone in your name.

Blue

Guest 0.10 Dollars($)

I believe my wife and she won't disagree in this matter but what if my wife would not quit claim the property to me? In that case how to get the money in urgency? I just want to know the solution for all possibilities. I would like to mention that I have a pension but require some extra money urgently.

Samantha · Posted: Sat Jul 22, 2006 2:42 pm Post subject:

Hi Francis,

Welcome to MortgageFit Forums.

Under that circumstance, to get some extra cash for short term, you can try for a home equity line of credit assuming that you have enough monthly income to qualify for the loan. Also an alternative can be a home equity loan.

A home equity line of credit or HELOC is a variable rate loan and allows you to borrow as you need it with the credit line acting as an emergency cash reserve.

Through a home equity loan you can borrow all the money upfront against the equity of your house. The payments are amortized over the life of the loan.

Feel free to ask if you have any more doubts or queries.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

I got the idea. Thanks.

ckalvesmaki · Posted: Sat Jul 22, 2006 5:37 pm Post subject:

Hi Francis,

In reality you probably need to speak with a good mortgage broker. If you don't have a job the only way you are going to be able to get a loan at decent rate is with a no doc loan. You can get a HELOC under those terms but the rates are very high......you would be better off with a fixed period ARM or a fixed rate no doc loan.

The information Blue posted is incorrect.......you would need to wait a year from the time you quit claimed your wife to qualify......and if heaven forbi something where to happen to you she would need to get a forward mortgage.

blue · Posted: Mon Jul 24, 2006 11:24 am Post subject:

Hi Cedric,

Thanks for correcting me. I actually did not give the complete information. Yes, you need to wait for a year to get a reverse mortgage after the property is quit claimed to you.

Thanks,
Blue

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