Property was just appraised at $550k.Balance on loan is $355kAny chance this would qualify for a RM?I'm 62.

Sorry, but it doesn't look like you would be able to do a RM.. Here's HUD's calculator to put in your own numbers and see.. http://www.reversemortgage.org/about/reversemortgagecalculator.aspx It looks like you're off by $90K. At 62, you need about 50% equity to do a RM.. 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

Doesn't look like there would be enough equity. You should sit with a local mortgage broker who does reverse mortgages and go over your entire situation to see if there are options to help you achieve your goal. I say a mortgage broker because typically an experienced broker will have more experience and knowledge of more programs then a bank loan officer. Good Luck!

I am a reverse mortgage specialist, and the newest guidelines would limit our loan to about $290,000. Sorry. Consider selling, and taking your proceeds of about $175,000 as a down payment on a smaller house selling for $350,000, with a purchase reverse mortgage of $175,000. You then will have no monthly payment. If you do, please let me help you.

I am only going to echo what everyone has said. You could definitely sell and but a cheaper house and use a RM to finance the home. Many counties in California will allow you sell a home and buy a cheaper home and move the tax base with you. With Proposition 13 in effect, this could save you a bundle in property taxes. I am here in California and would be happy to help (415) 843-0143 x 1

You might consider a refinance and see if that might lower your payments, or allow you to take some additional cash out to pay other things. Rates are really low again!