Loan Scenario: HI, $1,200,000, 680, 55% LTV, Refinance (Rate and Term)
Loan State: Hawaii
Loan County: Honolulu
Loan Type: Refinance (Rate and Term)
Loan Amount: $1,200,000
Property Value: $2,200,000
LTV: 55%
FICO: 680
DTI: 35
Occupancy Type: Owner-Occupied
Property Type: Single Family Residence
Is there anyone still offering a JUMBO REVERSE mortgage product out there?
Couple built their waterfront home 45 years ago and have lived there the whole time.
Wife had reverse mtg and title in her name only. She passed away last month and the widower wants to stay in the house if possible by getting a new reverse mortgage in his name. Both her will and her unrecorded trust bequeath the property to the widower, who was born in 1927.
Property value approximately $2.2 million.
Current reverse mtg balance $1.2 million
Doesn't matter why she opted to do the reverse in her name only. What's done is done and she's gone. Widower will have to sell if he cannot get a new reverse mortgage. No possible way to qualify for a regular loan.