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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Welcome Ronald.
I feel you can get the lump some of 60,000 dollars as reverse mortgage if you have enough equity in your property.
As far as I understand you are willing to get a Home Equity Conversion Mortgage which is offered by FHA. For this one you need to have the insurance. According to the insurance guideline you can never get more than the wrath of your property.
Hope this helps.
Let me know if you have any further questions.
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Good is the Enemy of Great. |
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Lisa11
Guest
0.10 Dollars($)
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| Hi Experts! I am wondering whether foreclosure in reverse mortgage is possible or not. Can I do short sale or deed in lieu to avoid foreclosure in reverse mortgage? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Lisa.
Welcome to the forum.
I think foreclosure is not possible in a normal reverse mortgage as there is no monthly payments to be made. The heirs can pay off the loan if they want to inherit the property. So there is no question of DIL or Short sale.
Feel free to ask if you have any further questions.
Best of Luck,
Larry |
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cliff
Joined: 16 Dec 2007
Posts: 3
Location: California & Florida
2.32 Dollars($)
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Post subject: reverse mortgage programs |
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You can find free quids, a calculator, and request a DVD online at "http://www.allrmc.com"
[Link deactivated and promotional text deleted as per the forum rules]
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The specialists at ARMC are passionate about seniors and their right to age with dignity in place. We believe that everyone deserves the right to use the equity in their homes to enrich their lives. |
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sgursky
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0.10 Dollars($)
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Post subject: Reverse Mtg |
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| What if I do not have much equity. Home is worth aprox $225 and we owe $195,000. What if we do not want to take any cash out, simply get the reverse mortgage and make small payments. Is this possible? |
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Johnny1
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Hello.
you cannot get a reverse mortgage more than the amount of home equity that you have. You have $30,000 as your home equity and how much do you want to take out reverse mortgage? |
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brian1
Community Experts
Joined: 14 Jun 2008
Posts: 360
Location: Northern California
0.53 Dollars($)
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sgursky
You will not qualify for a reverse mortgage. A reverse needs more equity as your payment is rolled into the loan for the remainder of your life. The bank usually wanst to see 50-60 percent in equity before they will do the loan as they do not want to pay out more than the value of the home.
Brian
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http://www.aimwithfocus.com
Need quick advise email or PM Glad to help |
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magchr
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0.10 Dollars($)
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Post subject: how much |
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| how much does your house have to be to quality for a reverse mortgage |
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brian1
Community Experts
Joined: 14 Jun 2008
Posts: 360
Location: Northern California
0.53 Dollars($)
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It isnt the house alone it is how much you owe vs what the home is worth.
If your home is worth 1,000,000 you better not owe more than 350,000 to 400,000
B
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http://www.aimwithfocus.com
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Need an answer
Guest
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Post subject: Reverse Mortgage |
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| If you just bought your house in the last 3 years and if has gone down in price because of the market. Can you still get a reverse mortgage. My age 62 and my husband is 76 |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: |
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Hi guest,
You need to have sufficient equity in your home in order to get a reverse mortgage. How much has home prices reduced in your area? It will depend upon the lender as to whether he'll agree to offer you a loan at the equity you have.
Good luck
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cak
Guest
0.10 Dollars($)
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Post subject: purchase |
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| Can you get a reverse mortgage to purchase a home? |
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brian1
Community Experts
Joined: 14 Jun 2008
Posts: 360
Location: Northern California
0.53 Dollars($)
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Yes you can however it will require a significant down payment of 50-60%
The home has to be able to "pay for itself" it is not just a way to live payment free.
B
_________________
Licensed Broker 50 states
http://www.aimwithfocus.com
Need quick advise email or PM Glad to help |
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mitch
Guest
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Post subject: reverse mortgage |
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| My parents need money they are 66 and 76...they own their home valued at 600000, they have a home equity loan of 50000, they have credit card debt of 150,000, they need to pay this off and live as well... Would a reverse mortgage allow them to pay a consolidated debt payoff and give them supplemental cash monthly to live , or would it be better off for me to buy the house at a lower price from them say 400000, and the bank would pay them the full amount. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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I think taking a reverse mortgage will be a good option for your parents. As far as I know, a reverse mortgage will help them in paying both the home equity loan as well as the credit card debts.
To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
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