i owe $615,000 on 1st and 130,000 on a heloc House is worth $1.2 can I get reverse mortgage
Asked by Anonymous
Answered 6 months ago
There is a Proprietary Jumbo Reverse mortgage product for loan amounts over the FHA traditional limit of $636,150. Typically you would need to be between 25-40% loan to value; this would depend on your age. Assuming that your home would appraise at 1.2 million, and you owe $745K it would require you to bring money to closing as you would be short.
I can run a proposal for you to give you more accurate numbers.