Posted on: 02nd Sep, 2010 08:29 am
hello:
i am new...wish i knew this forum before getting my reverse mortgage!
my home was appraised at $150,000 and received $55,000 as the reverse mortgage based on this value. i also had to get private second mortgage in the amount of $25,000 which i used to restore my home and now it is appraised at $200,000. i need to borrow again to pay this second mortgage because it was for one year and the due time is coming up.
i wanted to know if i can refinance the whole thing, the reverse mortgage + second mortgage + some extra cash as one mortgage from a bank or trust company for $125,000?
i didn't know that i couldn't rent the extra self contained unit i have if i had the reverse mortgage; it is staying empty which could bring in $1,000 in rental income i need badly .
i am new...wish i knew this forum before getting my reverse mortgage!
my home was appraised at $150,000 and received $55,000 as the reverse mortgage based on this value. i also had to get private second mortgage in the amount of $25,000 which i used to restore my home and now it is appraised at $200,000. i need to borrow again to pay this second mortgage because it was for one year and the due time is coming up.
i wanted to know if i can refinance the whole thing, the reverse mortgage + second mortgage + some extra cash as one mortgage from a bank or trust company for $125,000?
i didn't know that i couldn't rent the extra self contained unit i have if i had the reverse mortgage; it is staying empty which could bring in $1,000 in rental income i need badly .
Hi lmcmliv,
You can refinance both the loans into one reverse mortgage and use the cash out that you receive to pay off the second loan. As you've taken out a reverse mortgage, you won't be able to rent a portion of your property. If you do so, it will be considered as fraudulent.
Thanks
You can refinance both the loans into one reverse mortgage and use the cash out that you receive to pay off the second loan. As you've taken out a reverse mortgage, you won't be able to rent a portion of your property. If you do so, it will be considered as fraudulent.
Thanks