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Will1angel
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0.10 Dollars($)
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Post subject: qualifying for Rev. Mort. |
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| I own my home outright; I do not currently have a mortgage on my property. Can I still get a reverse mortgage? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi angel!
Welcome to forums!
Yes, you can still get a reverse mortgage provided you fulfill the criteria for getting the reverse mortgage. To know if you are eligible for reverse mortgage, check out the following page:
http://www.mortgagefit.com/reverse-eligible.html
Feel free to ask if you have further queries.
Sussane |
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Nuyawker
Guest
0.10 Dollars($)
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Post subject: Reverse Mortgage limitations |
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I live in a single family home. I am 71 years of age and my wife is 67. Our home is worth about $600,000.00 We owe $324,000.00.
Are we eligible for a reverse mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Nuyawker,
Yes, you can be eligible for reverse mortgage. You can contact your lender and apply for reverse mortgage. However, you'll have to pay off your existing mortgage immediately as you get your reverse mortgage.
Thanks |
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jonnie
Guest
0.10 Dollars($)
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Post subject: |
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| We own our home, no mortgage. can we still get a home mortgage loan |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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Post subject: |
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Hi
Do you want to mean that you have a home which is free and clear and you want to get a mortgage on it?
Sure you can, provided you hold the title to the property and have a good credit score and income. |
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sandyevents@comcast.net
Guest
0.10 Dollars($)
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Post subject: reverse mortgage guide |
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| we live on a farm of 20 acres, zoned residential, we do our taxes as a family farm, we board some horses, does our resident qualify for a reverse mortgage |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hi sandyevents,
Reverse mortgages on farms are available. If you are 62 years of age and have a clear title to the farm, you can obtain a reverse mortgage. This is a very good option for senior citizens who are in need of some cash. Here you do not have to sign over the ownership to the reverse mortgage holder. You can retain the title as long as you live. |
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BRONX CAP
Guest
0.10 Dollars($)
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Post subject: RECENT PERMANANT DISSABILITY |
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| I'M 38YRS OLD AND JUST GOT PUT ON PERMANANT DISSABILITY WITH A FIXED INCOME OF 2100.00 AMONTH.MY MORTAGE IS 1351.00 A MONTH.I HAVE A MORTGAGE BALANCE OF 155,OOO.OO.HOME VALUE AROUND 225'000.00. JUST REFINANCED LAST YEAR. I HAVE 6 KIDS LIVING WITH ME THAT ARE MY KIDS. BEHIND ON 4 MONTHS OF PAYMENTS. WHAT ARE MY NEXT OPTIONS.CAN SOMEONE ELSE HELP? |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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Post subject: |
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Hi
A loan modification in your situation seems to be a good option for you. This can help you lower your monthly payments. You need to send them a hardship letter stating the financial difficulties you are facing. You ought to get in touch with the loss mitigation dept, besides sending them a hardship letter. |
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counntrydra
Joined: 19 May 2009
Posts: 1
1.33 Dollars($)
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Post subject: appling for reverse mortgage now |
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| i want to apply for the reverse mortgage |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Post subject: |
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Hi counntrydra,
You can obviously apply for a reverse mortgage. But in order to qualify, you have to be at least 62 years old. How old are you? Will you have any co-borrower? What is the age of your co-borrower? Do you own the title to the property free and clear?
Thanks,
Jerry |
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delois
Guest
0.10 Dollars($)
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Post subject: reverse mortgage |
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| I WOULD LIKE TO KNOW IF I CAN QUALIFY FOR REVERSE MORTGAGE IF MY PROPERTY VALUE IS 307,000 AND I OWE 325,000 |
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DELOIS
Guest
0.10 Dollars($)
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Post subject: REVERSE |
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| I AM 62 YRS OLD and i have no co-borr. and i own free and clear |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Post subject: |
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Hi delois,
If your property is under water i.e. you owe more than what your property is worth, a reverse mortgage will not work. You need to pay off any existing mortgage at closing, before you can get a reverse mortgage on your house. If the house is valued at $307,000 and your outstanding loan balance is $325,000, you will not be able to get the reverse mortgage.
Thanks,
Jerry |
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