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Does anyone still offering a jumbo reverse mortgage product out there? Widower, who was born in 1927. Property value approximately $2.2 million. Current reverse mtg balance $1.2 million He'll have to sell if cannot refi his deceased wife's reverse mortgage.
Anyone?
I don't think that are any jumbo reverse mortgages left.
I don't think so either, but the old guy is a long-time acquaintance, so I have to look around, ask and verify.
Thanks
Dont know of any available either, but can he qualify for a "cash out" refi, the cash out could then be used to repay the month debt i.e. for a year, or how ever number of years he feels he needs to, especially as an example he feels market turn around is 2 years, then cash out two years worth of payments etc....hope this helps.
louis siqueiros:can he qualify for a "cash out" refi
No, not even close, which is why his wife got the reverse mortgage in the first place. It still baffles me why they did not do it in both their names back in 2006.
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