Our home is not paid off, can we still get a Reverse Mortgage?

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Mortgage and Lending with Academy Mortgage.......We are a Equal Housing Lender CO NMLS2421 : NMLS 264534

Our home is not paid off, can we still get a Reverse Mortgage?

Question:  I'm wondering if you can help me.  I'm 66 and my wife is 64 years old.  We are interested in a Reverse Mortgage but don't know if we can get one because our home is not completely paid off.  Can we get a Reverse Mortgage if our home is not paid off, and if we can, how much can we get?

Answer:  This is an excellent question and I'm glad you asked.

First, I see that you are both at least 62 years old, which is a requirement, so we're good there.

Second, your house does not need to be paid off to qualify for a Reverse Mortgage, but it is a popular myth!  However, with a Reverse Mortgage, you are tapping into the equity of your home.  Because of that, a bank likes to see substantial home equity.

To determine an estimate on the amount you are eligible to receive with a Reverse Mortgage I suggest you give me a call.  There is a formula involved and I have a couple questions to ask you.  It won't take long, and when we're finished, you'll have your questions answered!

In the meantime I'll give you a quick rundown of how a bank determines the amount you may be eligible for with a Reverse Mortgage.  The formula used to determine the amount of a Reverse Mortgage is dependant upon: 1) the age of the youngest borrower, 2) the current interest rates, and 3) the appraised value of your home.

I look forward to hearing from you and answering any other questions you may have about Reverse Mortgages.  My number is 541-868-1050, and I'm happy to give you an estimate as to how much you may be eligible to receive with a Reverse Mortgage.

I look forward to hearing from you.

Posted by

 

_______________________

Ellen Adams with Academy Mortgage 

18 YEAR VETERAN IN THE MORTGAGE INDUSTRY

    Phone: 541-521-7192

    Cell: 541-521-7192

    Email :Ellen.adams@academymortgage.com

   Website: www.academymortgage.com/ellenadams

    NMLS: 264534 

    Stay In Touch: follow me on twitter Go to my WP website Go to my Facebook Page

 

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Tags:
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Rainmaker
1,625,847
Retired from ActiveRain
Baker, OR

Ellen, Are you posting this series elsewhere too?  It's a nice way of answering concerns about reverse mortgages.

Feb 10, 2011 01:33 AM #1
Rainmaker
4,609,725
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ellen, sure wish we had the re-blog ability, as I would like to get this on my outside blog for my local clients too!   Great info!

Feb 11, 2011 10:24 AM #2
Rainmaker
159,553
Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Ellen, thanks for the informative posts on reverse mortgages.  I have never been to a class dealing with this topic so I really appreciate the information. 

Feb 13, 2011 05:20 AM #3
Rainmaker
159,553
Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Ellen, thanks for the informative posts on reverse mortgages.  I have never been to a class dealing with this topic so I really appreciate the information. 

Feb 13, 2011 05:20 AM #4
Rainer
92,424
Ellen Wright Adams
Academy Mortgage.......We are a Equal Housing Lender - Eugene, OR
LoansByEllen- Licensed in Oregon

Rick:  I am not posting this elsewhere - but I am copying them to my webpage - www.loansbyellen.com.   Just not enough time.  I am closing about 3-4 Reverse Mortgages per mo.  I really enjoy working with the Senior poplulation.

Joan: I'm going to write more Reverse Mortgage blogs - I will let you know when they come out....hopefully the re-blogging will be up by then?

Suzanne: wish I were in Texas, we could group up and train. !!!

Feb 14, 2011 02:22 PM #5
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Rainer
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Ellen Wright Adams

LoansByEllen- Licensed in Oregon
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