how much would my house have to appraise at for a reverse mortgage when I ow 247,000.00

It depends on your age, the older you are, the higher the allowable debt to income ratio that is allowed.. but the base number is 60% loan to value.. so $247K Divided by .60= $412K. If your home's value is at least $412, then you should be able to do the reverse mortgage.. Here's a link to an easy to use calculator which should help you zero in on your exact scenario.. Just copy and past the link. http://www.reversemortgage.org/About/ReverseMortgageCalculator.aspx I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

What the value of your home needs to be for you to get a reverse mortgageis a complex issue based on your age and objectives. Sometimes seniors 62 and over who have loans on their homes are pleasantly surprised that they qualify,with or without ever being able to draw any money from a reverse equity line of credit. You can contact myself and I would be glad to assist in giving you an accurateanswer to your question.

See previous answer.

Hi,62 yrs. is the "qualification" age. However, you may be eligible for a straight refinance taking cash out....give me a call so we can discuss, I'm local to you 510-332-3282.Linda

It is a moving target answer... The answer will depend on your age, and then how much money you are looking to take out of the house. I suggest your contact a local mortgage broker in your area that specializes in Reverse Mortgages for your exact answer.