I've done plenty of work with reverse mortgages and understand the time constraint you're under. The property can be refinanced, thus paying off the existing reverse mortgage, and avoiding having to sell the home. The problem you will run into with many lenders is that there is typically a 6 month seasoning requirement prior to refinance eligibility. Fortunately, I work with a few banks who do not have this restriction in there guidelines which would allow you to fix this problem immediately.
If you'd like to discuss your scenario in greater depth we can weigh-out all feasible options so you can best determine which route makes most sense from a financial standpoint; maybe selling the home is your best bet, but it's important to have all cards on the table. I may be reached directly at (201) 957-6768 or via email; whichever is easiest.
Paul F. Marzolla
Sr. Mortgage Consultant
In today's market where a house priced properly will sell quickly, it is fair to ask why is a house priced low. More often than not, when a house is priced "too good to be true" it most likely has some serious issue that would preclude a normal purchaser who needs a mortgage to buy it. Other reasons might be that the property is a short sale that requires the owner's mortgage holder to accept much less than what is owed on the property, In many of those instances, the listing price WAS NOT approved by the mortgage holder and there would be a counter offer from the bank which is appreciably higher than the contract price.... more
Investment is all about current income, value retention & profit and depends on how long the investor is looking to hold the investment. For an income investor an existing home that is in average to good condition will yield better return on investment as most likely the purchase price will be substantially lower than a newly build home while rents being approximately the same. For a short term flip investor buying an existing home would also make more sense as the purchase price will again be substantially below the new home and the if the investor is a builder/contractor or partnered with one they can renovate the existing home and sell it at a greater profit than purchasing a new home.
Each investor buyer should sit down and do the math before making any investment.
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)... more
One of the resons builders are putting new homes,if you havent already noticed is that inventory has shrunk dramatically. we are now seeing a shift from a buyers market to sellers market in many areas, in last few months we have been entertertaining the idea of appropriately priced properties.... more
if you are going to purchase with 3 individuals because one has qualifying income and creditscore-3 people can go on deed but not all have to go on mortgage. at point point if 1 of 3 wants out or can not pay the mortgage. there are a lot of things to consider and you may want to speak to your attorney , accountant and loan officer. if you would like to speak with a loan office please call Angelo Gionis 631 390 6388... more
That is pretty impossible to do in the greater new york area, generally the rule of thumb is that if your payments including your mortgage, taxes and insurance are less than 50% of your household income than you should be in good shape. 40% if you want to be on the safes side, use a mortgage caclulator on bankrate.com... more