What is the property worth? It will need to appraise for around 3,000,000 to get a 1,000,000 reverse. There are only a couple of lenders doing Rev Jombos. I am doing one right now and they are requirng 60% equity.
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Need quick advise email or PM Glad to help
Posted: Mon Aug 04, 2008 5:45 am Post subject: RE: reverse mortgage quote
Hi reb,
Welcome to the forums.
This community has a group of lenders offering different types of loans to people having various income levels and credit profiles. You can request for a no-obligation free mortgage quote from the lenders in this community. You can then compare the quotes on reverse mortgages and then choose the one that suits you better.
Posted: Thu Oct 16, 2008 12:46 pm Post subject: Reverse Mortgage Answer
CJ:
Unfortunately, the balance you owe on the property is too high to qualify for a reverse mortgage. As a general rule of thumb, reverse mortgages require no more then 50% loan to value (i.e. If value is $400,000 and you owe $200,000 or less). Other factors which determine the amount of funds available for a reverse mortgage is the age of the youngest borrower and the FHA county limit where the property is located (however this is expected to change after 11/1/0.
Feel free to post any further questions.
Regards-
Ken Klawans, CSA
Certified Senior Advisor
Reverse Mortgage Specialist
ReverseMortgageTimes.org
I have read your post and it seems that you have given some valuable information through it. Why don’t you join our community? I think you will definitely enjoy participating in the community and everybody will be benefited from your valuable knowledge. Also it may help promote your business.
RebJHG
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