I’m trying to find out some helpful information for my parents. They are considering a reverse mortgage, but so far my Mom has only spoke with one lender……We live in SC, and the last time they had their house appraised it was for ,500. or somewhere around that amount…..The lady she spoke to on the phone today told her that if her house is appraised at only 91500 she will only get around ,000. and that is before the closing cost and other fees, which all that added up to be around ,000. Does this sound right? We were thinking that she should be able to get more than that…..If anyone has any experience in this, any advice would be appreciated. I’ve found a list on the Gov. website for hud approved reverse mortgage lenders…..Maybe she should call around for the best deal? Thanks guys and I hope everyone had a blessed Christmas!
oh yea, and if it helps any, my parents don’t have a current mortgage. They owe nothing.
God bless……
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This is really pretty excellent, they usually go to about 60% of the value.
There will not be ANY of these that will pay your mother a honest market value. They make their profit on the back end, with the equity instead of interest.
If your parents have other options they should go with those, this one is not a excellent deal, no reverse mortgages are.
In respone to Landlord and the original queston – to say that no reverse mortgage is a excellent deal is inaccurate and incorrect. The product is absolutlely not for every senior but it can be a fantastic fit for some. As far as your quote – it’s acutally hard to say how accurate that is as well because qualifications are based on the age of the youngest borrower and a current FHA appraisal. The reason that you will not qualify for full market value is that this is a loan against your property and the government does not want borrowers taking all of the equity out. Again, the product is solid but it needs o fit individual situations, just like any other product.