Will Grandma be able to qualify for a reverse mrtge now? Met-life and American Mrtge said she has to wait 12 mths from time she was added to deed?

Asked by John, Chicago, IL Wed Oct 26, 2011

Could you check out this situation for me and tell me what you think. This was Dan's effort to provide a home for his grandmother who is 81. Dan purchased a home on Nov. 5, 2010 for 22k. that he was going to rehab for her to move into. Dan used Grandma's money to buy the home and has documented proof. Dan got a rehab loan from a local bank for 10k. and then finished it up with another 20,000. using unsecured credit. When Dan finished the home he deeded it to Grandma on May 10, 2011. She has been living there since then. Grandma would like to do a reverse mrtge on the home. They have an expired FHA appraisal for $97k. and understand that they would need a new one.Can grandma do a reverse mrtge on the property? She has been on the deed for almost 6 months(Nov 10, 2011 will be 6 mths) and has also lived there. They have documentation to prove that. Assume an appraised value of $97k. and a lien of $10k. She would like to apply Nov. 10. She has a counseling Cert that xpires Nov 5? Thanks, J

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Annette Levi…, , New York, NY
Thu Oct 27, 2011
John,
Reverse mortgages can be used to purchase so there is no wait time. She needs to speak with a mortgage officer who does reverse and forward mortgages to go over all options.
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, ,
Thu Oct 27, 2011
That is a met live overlay. Grandma can purchase the home with a reverse mortgage as long as she has the equity reqired.
If you are in California, please give me a call, I do not do reverse mortgages but have friends who do, that I trust to give you a good deal.
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