Can a homeowner get help with repairs if they are in a reverse mortgage program?
My sister in law is in her eighties and on a fixed income not allowing her toi incur any additional expense. She needs windows, weatherization and possibly a new roof. She has been in a reverse mortgage program for the past 5+ years. How does this affect her homeowners coverage? Thank you.. by jlane_49995 from Teaneck, New Jersey. Jan 15th 2015
Manuel Gonzalez (mmortgage1)
#90 ranked lender in New Jersey - 90 contributions
Hi Jlane, please call me tomorrow. We have Reverse Mortage Experts and I can go over a few options you have. 201-726-2662
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
It depends on the program she is in currently. Have a local reverse mortgage pro take a look for her.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
Due to the FRANK DODD ACT of JAN 14, reverse mortgages need to be credit and income qualify. Without seeing her paperwork, and what program she is in, it is difficult to make a suggestion. If she has good credit , there is possible another way to get the repairs done.. you can email at yourloanpartnerforlife@.live.com and leave your phone number. linda
Chris Neuswanger (mtnmortgageguy)
#92 ranked lender in Colorado - 92 contributions
If your home has appreciated since you took out the reverse mortgage you might be able to qualify for a new reverse mortgage that would give you some cash out to do your repairs. Also in some cases the new reverse mortgage guidelines will allow more money than was available a few years ago. The terms of the reverse mortgage do require you keep the home in good repair (at your expense and from your resources). It is unlikely a lender would give you a second behind your reverse mortgage unless you have ALOT of equity. I make reverse mortgage loans in Colorado, so if you are located in CO please contact me to discuss. 970-748-0342 or mtnmortgageguy@gmail.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The short answer is Yes.. she can do another reverse mortgage.. but there are many factors that need to be considered.. being 5 years older allows her to take more out, but he home's value must have also increased.. without knowing how much her home is worth, what is owed, how much she needs to take out, and whether or not she can qualify.. it's impossible to directly answer your question.. Try contacting a local mortgage broker who specializes in RM's.. try to stay away from nation wide lenders or the big box bank on the corner.. the broker is best equipped to help you at the lowest price.. 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
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