What is the minimum appraisal value in order to get the reverse mortgage.

No but you can get cash out on a forward mortgage that will be a lot cheaper and more cost effective.

Based on current calculations you can get a reverse mortgage on your property. You cannot however do it without some money out of your pocket. Approximately $15-19000 will be needed to elimiante your mortgage payment and close on a new reverse mortgage. Unfortunately a new appraisal will not be able to fix your problem because of FHA guidelines. If you know a Real Estate agent in the area that can get comparable to proove that your appraisal is too low you may be able to dispoute the value with the appraiser and provide proof to have a change in value made.I am assuming that simplying re-financing to reduce your current payment if possible is out of the question for various reasons so that appears to be your only option at this time.