• Question
  • Looking for a non-FHA reverse mortgage lender??

    Asked by someone from Haverford, PA on 12/16/2014

    What lenders offer non-fha reverse mortgages? My home is valued considerably above the $625,000.00 ceiling for an FHA reverse mortgage. I still have a mortgage of $366,000.00. I want to sell my home as it's my retirement nest egg.I 'm told by realtors that I need at least $40,000.00 to make necessary repairs to get it ready for the market. I do not qualify under
    FHA guidelines, but I so desperately need to be able to tap into the equity as I am unable to get any other type of loan. I'm trying to explore alternate options but I need help.

  •  
  • Categories: Mortgage Refinancing, Housing

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Have you explored whether you can get a Home Equity Line of Credit and then use that money to make the repairs before selling your home?

    https://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx

  • Login to rate this answer:   Answered on 12/17/2014
**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.