what would my house have to be appraised at for a reverse mortgage when I owe 247000.00.....

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. WilliamAcres.com

Under the very recent changes in reverse mortgage guidelines, you are able to draw about 50% of the appraised value (maximum value $625,000). The approximate value you would need would be about $495,000. For detailed estimate and quotation, contact me at 503-620-2239. I am a full-time reverse mortgage specialist.

To answer your question accurately we would need to know the age(s) of the applicants as well as the proposed appraised value. The older the individual the more you will be able to borrow but you can use 50% as a rough guideline.