• Question
  • R/M

    Asked by someone from Bellefontaine, OH on 3/25/2014

    I would like to know how my brother-in-law got a R/M he owed more and ours is worth about the same.I'm not asking for money just help keeping our house.

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  • Categories: Loan Amount and Type, Reverse Mortgages

Answers

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  • This would depend on when your brother acquired his reverse mortgage. The program has been changed several times by the FHA in the past two years. First they eliminated the higher proceed product also known previously as the "HECM Standard Fixed Lump Sum" and most recently they reduced the percentage you could qualify for.

    Hopefully you find this answers your question.

    Keep in mind you can always bring money to the table so that you have a low enough mortgage balance to qualify.

    We would love to help you shop for the best proceeds on a Reverse Mortgage, that is a free service we offer, and we work with most of the top lenders in the industry who can provide you with competitive offers and their own information.

    Please give us a call at (Toll Free) 888-411-RETIRE (7384) or you can reach us by email at service@newretirement.com

  • Login to rate this answer:   Answered on 3/25/2014
**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.