• Question
  • How is the value of the house determined for a reverse mortgage?

    Asked by a 72 year old woman from Bedford, OH on 9/20/2012

    How long do I need to live in my house before I can get a reverse mortgage?

    How is the value of the house determined for a reverse mortgage?

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  • Categories: Reverse Mortgages, Qualifying

Answers

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    NewRetirement

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  • Thank you for your questions about Reverse Mortgage residency requirements and home values.

    1) Residency: There are usually not any kind of length of residency requirements for securing a Reverse Mortgage. In fact, you can even purchase a home with a Reverse Mortgage using the HECM for Purchase program.

    The HECM for Purchase is a product that allows the borrower to use a Reverse Mortgage to purchase a home for only the price of the down payment. This can be a great way for seniors to purchase a new home without the need to qualify for or make the payments on a traditional mortgage.

    2) Home Values: The value of your home is determined by an independent appraiser. The appraiser typically inspects your home and uses comparable homes to determine a fair value.

    Additional Reverse Mortgage Resources:
    Reverse Mortgage Calculator: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    Prescreened Reverse Mortgage Lenders: https://www.newretirement.com/reverse-mortgage-marketplace.aspx

  • Login to rate this answer:   Answered on 9/24/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.