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Reverse to new Reverse

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Barbboyer Guest	Posted: Thu Jul 14, 2011 6:10 pm    Post subject: Reverse to new Reverse Like 0 Dislike 0 We have a reverse on our primary home. We currently owe $400k on the reverse. It's value is dropping like a rock and it's building at $2k per month. When we built it, it appraised at $865k. 3,600 sq ft, single level on 1 acre, 4 1/2 car garage and all the stuff. High end for New Mexico. We tried to sell it for $625k, lowered price to $595k but no luck. Social security makes up the main income. $50k a year. We have a second home that has no mortgage. If we walk on New Mexico will we qualify for another reverse on the second home? The reverse is with Bank of America. Nasty SOB's. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jul 14, 2011 10:13 pm    Post subject: Like 0 Dislike 0 Hi Barbboyer! Welcome to forums! It will depend upon the lender whether or not you will get a second reverse mortgage on another property. You should contact the local New Mexico lender and speak to them about the reverse mortgage. They will let you know whether or not you can qualify for a reverse mortgage. Feel free to ask if you've further queries. Sussane
Barbboyer Guest	Posted: Fri Jul 15, 2011 2:31 pm    Post subject: Thanks Like 0 Dislike 0 Appreciate your quick response.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Jul 15, 2011 8:40 pm    Post subject: Like 0 Dislike 0 You're welcome!
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Fri Jul 22, 2011 5:29 pm    Post subject: Like 0 Dislike 0 >>If we walk on New Mexico will we qualify for another reverse on the second home? Yes, 3 years after the foreclosure. _________________ Raymond Denton www.RaymondDenton.com

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