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Refinance BEFORE a Reverse Mortgage

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lperez Joined: 12 May 2011 Posts: 1 1.00 Dollars($)	Posted: Thu May 12, 2011 8:22 am    Post subject: Refinance BEFORE a Reverse Mortgage Like 0 Dislike 0 I may have to do a cash pay out for an upcoming divorce. Can I refinance to get the cash pay out and still do a reverse mortgage after that? The best guess current equity in the home is $120,000 and I may need a $20,000 cash out reducing the equity to $100,000. Thank you .
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu May 12, 2011 8:29 am    Post subject: Like 0 Dislike 0 You can cash out on reverse mortgages and also you can opt to receive monthly equity payments. It is basically like a equity line of credit. You would want to avoid the costs of two loans. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu May 12, 2011 9:41 pm    Post subject: Like 0 Dislike 0 Welcome lperez, In order to get a reverse mortgage, you should be 62 years of age. Do you meet this requirement? Unless you meet this requirement, you won't be able to qualify for a reverse mortgage. _________________ Procrastination is the enemy of your financial success
Linda Perez Guest	Posted: Fri May 13, 2011 5:42 am    Post subject: Reverse Mortgage Like 0 Dislike 0 Yes. I do meet the criteria. I was originally approved to apply by my mortgage company but they are no longer offering reverse mortgages.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Fri May 13, 2011 8:26 am    Post subject: Like 0 Dislike 0 What state are you located in? I can get you in contact with lender who does reverse in your area _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Mon May 16, 2011 5:39 pm    Post subject: Like 0 Dislike 0 >>Can I refinance to get the cash pay out and still do a reverse mortgage after that? Yes. Your Reverse Mortgage Loan Officer can run that scenario for you so you can see exactly how the Reverse Mortgage works after you take the 20k out. I can run it for you too, if you'd like. Email me (rdenton@ireverse.com) the birthdates of everybody that'll be on Title, the estimated value of your home, the amount you owe on it (if anything), and your zip code. I'll email the scenarios back to you. _________________ Raymond Denton www.RaymondDenton.com
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon May 16, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Hi Linda! Welcome to forums! You can contact the other lenders of your area and apply for a reverse mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan. Feel free to ask if you've further queries. Sussane

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