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Latest post Fri, Nov 13 2009 7:51 PM by Scott Coffman. 4 replies. Viewed 351 times.
Page 1 of 1 (5 items)
  • Thu, Nov 12 2009 8:02 PM                

    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?

  • Thu, Nov 12 2009 8:28 PM                 In reply to

    I don't think that are any jumbo reverse mortgages left.

    PREMIUM MEMBER
    Bryan Bledsoe
    License #MLO-12483
    Direct Line 509-922-8699 bryan@bledsoehomeloans.com www.bledsoehomeloans.com Allied Home Mortgage Capital Corporoation, 1225 N Argonne, Ste C, Spokane Valley, WA 99212 Branch Office NMLS 49957 - Doing business in Washington and Idaho
  • Thu, Nov 12 2009 8:43 PM                 In reply to

    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 

  • Fri, Nov 13 2009 6:25 PM                 In reply to

    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.

  • Fri, Nov 13 2009 7:51 PM                 In reply to

    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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