REVERSE MORTGAGE
I owe $525,000 on my mortgage, however our house is appraised at $700,000 or more. Would I qualify for a $60,000 reversed mortgage? by george_180_459 from Indian Hills, Colorado. Aug 26th 2011
Craig S. Spaulding (togabroker2@yahoo.com)
#54 ranked lender in New York - 18 contributions
Thank you for your question. Your mortgage balance in relation to the appraised value is typically too close to obtain a traditional reverse mortgage. However, if you have considerable assets or savings they could be utilized to secure your equity and obtain the reverse mortgage that you are considering. I would suggest looking at all of your options before tying up your home with a reverse mortgage. It is an excellent option for some people but for others it isn't the best option. I wish you the best with your future endeavors. If I can be of any further assistance, please contact me. Best Regards,Craig S. Spaulding866-962-6698 Ext- 306togabroker2@yahoo.com
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