How much equity is needed for a reverse mortgage?
I am looking into getting a reverse mortgage for my father. He lives in the Miami, Florida area. About a 2 years ago he refied and I want to know whether or not he will be qualified because of the last of equity. by gille_pie from , . Jul 14th 2011
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
The available principle loan limit on a Home Equity Conversion Mortgage, aka. reverse mortgage, is derived based on the lowest age of homeowner on title and zip code the home is located so long as the maximum loan limit is not exceeded. The fact that your father is 2 years older he would qualify for more based on age alone. However, the appraised value of the home may have declined resulting in a net zero in available new equity. Have a sunshiny day.
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
The loan to value will be based on his age so if he is 65 then they will lend him 65% of the home value and so on
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