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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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 Posted: Sat Oct 03, 2009 10:21 pm Post subject: |
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hi,
welcome to the forum,
The amount of funds you can get with reverse mortgage, depends on your age or the age of the youngest spouse in the case of couples, the appraised home value, interest rates and the lending limit in your area. In general, the older you are and the more equity you have, the more money you can get. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7409
Location: bloomfield, ct
63.37 Dollars($)
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| Posted: Mon Oct 05, 2009 7:33 am Post subject: |
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lee is correct. however, in yesterday's newspaper, i noticed an article indicating that fha is planning on cutting back and reducing the limits on reverse mortgages, thus making them harder to get and less valuable to a prospective borrower.
the columnist from whom i am quoting below is Kenneth Harney. if you wish to read the entire article, you can go to courant.com and search for his name; that will lead you to the article.
clearly, this will have an impact on the reverse mortgage business, and on the seniors who might benefit from such a program.
[System detected duplicate content, converted into image. Thanks.]
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George M. Akerley
Loan Consultant
860-221-5044 |
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leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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| Posted: Mon Oct 05, 2009 10:26 am Post subject: |
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| All of a sudden govt has started driving reverse gear. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 10, 2009 12:13 pm Post subject: |
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>>what is the required amount of equity needed for a reverse mortg.
I'm using the fixed interest rate at 5.56% for these estimates:
If your home is valued at $100,000.00, the amount you'll be loaned is:
$56,200.00 if you're 62
$63,000.00 if you're 72
$71,400.00 if you're 82
$78,700.00 if you're 92
So the LTV will be 56% if you're 62 years of age.
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Raymond
www.ReverseMortgageCalculator.org |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 10, 2009 12:19 pm Post subject: |
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>>our house is assessed at $240 and that we owe about 180. Would we ever qualify for a reverse mortgage?
You have a shortfall of $48,164.00. That means you'd have to contribute that amount in order for the Reverse Mortgage to work. If you can't contribute it, and have a hardship, you can combine the Reverse Mortgage with a Short Refinance, and ask your current Lender if they'll forgive the shortfall.
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Raymond
www.ReverseMortgageCalculator.org |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 10, 2009 12:22 pm Post subject: |
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>>Having a battle with Saxon Mortgage, trying to get them to work with us on a modified mortgage plan
Landmark Reverse is assisting Seniors with your scenario by combining short refinances with Reverse Mortgages. But Saxon will have to agree to forgive the shortfall in order for it to work.
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Raymond
www.ReverseMortgageCalculator.org |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 10, 2009 12:24 pm Post subject: |
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>>however, in yesterday's newspaper, i noticed an article indicating that fha is planning on cutting back and reducing the limits on reverse mortgages,
This happened on October 1st, and now Reverse Mortgages provide homeowners with 10% less cash. There's talk another reduction will happen.
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Raymond
www.ReverseMortgageCalculator.org |
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