|
QUESTION:
|
Jobs for retirees | | I am intersted in securing a reverse mortgage on another home. My home is being put on the market..I should have around $60,000 to put on a down payment on a home in Palm Springs, Ca. I will be 70 years old in October. I plan on buying a home in the $215,000 to $280,000 range. The zip code is 92262. We are looking at a home which is a short sale at $215,000. I don't know what this house would appraise for. I would like to know what I would have to bring to closing... |  | asked by Ronald123, 5/9/2010 |
|
Categories:
Jobs for Retirees, Reverse Mortgage Calculators
|
|
|
| ANSWERS: | | Answered by: JBerman47, 05/10/10
Overall Rating:  | Based on our calculators, we would estimate that given your age and the value of the home you are looking to buy, you would be able to finance roughly $120,000 of the purchase price with a reverse mortgage, meaning that the rest of the purchase price (roughly $100,000) will have to be put down.
You can find out more details by contacting one of our reverse mortgage partners at https://www.newretirement.com/Services/Reverse_Mortgage.aspx Login to rate this answer:  |
|
|
|