• Question
  • Reverse mortgage without FHA ?

    Asked by a 35 year old woman from Lakewood, NJ on 6/3/2015

    i co-signed on an FHA mortgage for my son. Had qualified in every other way for a reverse mortgage they were ready to finalize when they hit FHA mortgage co-sign and cancelled. I own my home just appraised by reverse mortgage co. for 367,0000. this home is free and clear. I am retired.
    Is it possible to get a reverse mortgage?

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  • Categories: Mortgage Refinancing, Housing

Answers

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  • The only way to do it is for your Son to refinance his current FHA mortgage, to remove you from the co-signers obligations. That'd be real easy for him with an "FHA Streamline" refinance. He doesn't need to qualify with income or credit, although some Lenders will require credit (it's called an Investor Overlay), and he won't have to get an appraisal either.

    Ask him if he'll do that, so you'll be able to qualify for your own FHA mortgage.

  • Login to rate this answer:   Answered on 6/3/2015
**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.