I am 68 and need a reverse mortgage to save my home from foreclosure--don't want all equity..Aggie, 720-244-1163. Thank you.
Type the details of your question here I am seeking a reverse mortgage to stop the future foreclosure. I am 68 yrs. old and don't want all the equity..BUT I do want o save my property for future sale when the market comes up again, is this possible?? by Agnes Murawski from Henderson, Colorado. Feb 16th 2010
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
Your goal of reselling when values come up is certainly possible even with a reverse mortgage in place. A reverse mortgage will require you to have at least 30% equity in your home and no existing mortgage to qualify. This is based on your age. In order to still qualify with an existing loan you would need to have sufficient equity to pay off the existing loan before considering any cash out from the Reverse. The calculations are relatively easy for a professional Reverse Mortgage Specialist to determine but more detailed information is needed.
Brian Esquivel (NewAZMortgage)
#23 ranked lender in Arizona - 67 contributions
Hi Agnes,There is a good chance that this could work for you depending on your current equity position in your home. Also, depending upon your current rate, you might be able to save some money by doing just a straight refinance at today's low rates. Please log on to my secure site and complete an application. I will call you once you get it submitted and I receive it. http://www.bncnationalbank.com/scottsdale/besquivelThanks.BrianBNC National Bank
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