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My wife is 65 and I am 62 WE have a home.

It has a 15,000 grant / lien for 5 more years

How does that Affect a reverse mortgage

We owe 45,000 WITHOUT THE grant and 60,000 with it.

The grant was for remodeling from a local Gov Agency originaly it was 30000 for 10 years in 2003 and they are reducing it by 3000 per year so now the balance is 15000

The home was estimated two years ago at $ 173,000 but now with the values down in 33904 I don’t know what it it would be worth

How would the lien / grant affect a revesrse mortgage –

I will ONLY respond to serious answers NO ONE LOOKING TO SELL A HOME

Thanks loanmaster that sounds LIKE RELIABLE ADVICE TO ME

I reported you

1 Thought on Reverse Mortgage / Lien ?
  1. Reply
    February 16, 2014 at 4:06 am

    At the ages you indicate you are able to apply for a reverse mortgage.

    Depending on the value of your property and the reverse mortgage will lend you a percentage of the value.

    We will take the value you have indicated at $ 173,000 if you are allowed to borrow 75% of the value then the reverse mortgage amount would be $ 129,756 to you.

    Now with that amount you would have to pay off all liens against the property which you have indicated is approximately $ 60,000. This would leave you an amount of approximately $ 69,756 for you.

    You may accept this amount in one lump sum or paid over a period of months agreed between you and your lender.

    Once this mortgage has been approved and you have the funds you are not required to pay the mortgage back.

    Once you are no longer here with us your heirs would have to make a decision about the house. The could refinance the house if they want to keep it or allow the lender to take it as collateral for the mortgage loan you got.

    If this is of interest to you, then you should complete a mortgage loan application for this type of mortgage with a lender or broker that does reverse mortgages. You will be able to find such a person in your local telephone book.

    They will explain all your options and any other programs you are qualified for.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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