how much equity is required for a reverse mortgage

jerrisam · Joined: 29 Sep 2008 Posts: 1 1.27 Dollars($)

what is the required amount of equity needed for a reverse mortg.

smithsussane · Posted: Mon Sep 29, 2008 9:23 pm Post subject:

Hi jerrisam!

Welcome to Forums!

As far as I know, there is no fixed amount of equity needed for a reverse mortgage. It may vary from state to state.

Feel free to ask if you have further queries.

Sussane

0.10 Dollars($)

Hi jerrisam!

You can speak to lender about the equity required because I haven't heard anything as such. I think it will vary from state to state as well as depend on the cost of the house at present.

Thanks,

Jerry

gmakerley · Posted: Tue Sep 30, 2008 10:13 am Post subject:

there is a complicated formula that calculates based on your age, the amount of mortgage debt currently on the home, if any, and the value of the home.

actually, if you're adept at it, you can find a calculator on the aarp website - www.aarp.org - and find out pretty easily. the calculator does not ask for the mortgage balance (if any) but you'll need to factor that in when you get a result.

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