Posted on: 08th Sep, 2014 03:15 pm
Home Value 1,000,000 mortgage 424,000 need 150,000 for medical. Is there any help ?
I would very much like to know the answer and where I might begin to search for a source
Hi James - a couple of questions - How old are you and what state/county are you in - Jumbo reverse mortgages tend to have lower loan to value limits but I cant check around without that info
With all loans the appraised value will be the biggest factor in determining how much you can borrow.
Brian
feel free to use info below
With all loans the appraised value will be the biggest factor in determining how much you can borrow.
Brian
feel free to use info below
Thanks for the response. In Tennessee. Born January 1952, age 62.
Hi James
Using the info you provided I am afraid to say that the limit you can get using a reverse mortgage is around $335,000. The age is a huge factor and for reverse mortgages you are a young man - I am afraid that this is not going to be a viable option for you. You would have the equity needed to do a cash out refinance but that would mean a higher mortgage payment.
Brian Barnes
ENG Lending
Nationwide Lender
Using the info you provided I am afraid to say that the limit you can get using a reverse mortgage is around $335,000. The age is a huge factor and for reverse mortgages you are a young man - I am afraid that this is not going to be a viable option for you. You would have the equity needed to do a cash out refinance but that would mean a higher mortgage payment.
Brian Barnes
ENG Lending
Nationwide Lender