Posted on: 12th May, 2011 08:22 am
i may have to do a cash pay out for an upcoming divorce. can i refinance to get the cash pay out and still do a reverse mortgage after that? the best guess current equity in the home is $120,000 and i may need a $20,000 cash out reducing the equity to $100,000.
thank you .
thank you .
You can cash out on reverse mortgages and also you can opt to receive monthly equity payments. It is basically like a equity line of credit. You would want to avoid the costs of two loans.
Welcome lperez,
In order to get a reverse mortgage, you should be 62 years of age. Do you meet this requirement? Unless you meet this requirement, you won't be able to qualify for a reverse mortgage.
In order to get a reverse mortgage, you should be 62 years of age. Do you meet this requirement? Unless you meet this requirement, you won't be able to qualify for a reverse mortgage.
Yes. I do meet the criteria. I was originally approved to apply by my mortgage company but they are no longer offering reverse mortgages.
What state are you located in? I can get you in contact with lender who does reverse in your area
>>Can I refinance to get the cash pay out and still do a reverse mortgage after that?
Yes. Your Reverse Mortgage Loan Officer can run that scenario for you so you can see exactly how the Reverse Mortgage works after you take the 20k out. I can run it for you too, if you'd like. Email me (rdenton@ireverse.com) the birthdates of everybody that'll be on Title, the estimated value of your home, the amount you owe on it (if anything), and your zip code. I'll email the scenarios back to you.
Yes. Your Reverse Mortgage Loan Officer can run that scenario for you so you can see exactly how the Reverse Mortgage works after you take the 20k out. I can run it for you too, if you'd like. Email me (rdenton@ireverse.com) the birthdates of everybody that'll be on Title, the estimated value of your home, the amount you owe on it (if anything), and your zip code. I'll email the scenarios back to you.
Hi Linda!
Welcome to forums!
You can contact the other lenders of your area and apply for a reverse mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact the other lenders of your area and apply for a reverse mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane