Property Q&A in 92234>Question Details

Lking001, Home Owner in Palm Springs, CA

I am 62, can I get a reverse mortgage if there is no equity in the home & the mortgage is under water?

Asked by Lking001, Palm Springs, CA Thu Apr 12, 2012

Help the community by answering this question:


Stephentrulia’s answer
The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.To know more you can search………………
3 votes Thank Flag Link Thu May 30, 2013
In order to qualify for a reverese mortgage you must have equity in your home.
0 votes Thank Flag Link Mon Oct 1, 2012
It doesn't sound like you a good canidate for a reverse mortgage, but just so you are aware of your options and limitations you should consult with a mortgage broker that specializes in them.
0 votes Thank Flag Link Sat Apr 14, 2012
Hi there, although it doesn't sound likely I will recommend you contact Deborah Nance at Deborah Nance at (951) 283-2983.
She is remarkable , friendly and a Reverse Mortgage Specialist.

Best wishes,

Jory Blake
Web Reference:
0 votes Thank Flag Link Thu Apr 12, 2012
Flag Thu Apr 12, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer