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Profile picture for BOOTON

How can I get a loan on my 1 Mill home.

What is the fastest and cheapest way to get a loan on my home that is worth moe then  $1 Million and I only owe the Bank $50,000. and Taxes are $20,000. However, I have lost my job and have no way of showing income.
Is there some way to get a loan for $150,000 on my home so I can pay off the Bank Loan of $50,000 which is at an interest rate of 5.75%?
Should I look into a Reverse Mortgage I am 62?



  • October 28 2011 - Cold Spring Harbor
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Answers (8)

>>The costs associated with reverse mortgages usually do not make them good choices for most people.

Last year I was originating Reverse Mortgages with 0 cost to the homeowners, including the FHA insurance premium.  They didn't pay anything, not a penny.
  • November 29 2011
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I too would have to agree that a reverse mortgage is a solid option for you. It enables you to get the cash from the equity of your home with no income or credit qualifications. 
  • November 14 2011
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Talk with a lender. Maybe they can assist you in determining what you can do. They specialize in home loans and know what it takes to assist the public in this very troubled home loan marketplace. Try them first. Thank you for your question.
  • October 29 2011
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If you do not have income, the only lenders that will lend you, will be loan sharks. It will be like giving away all your equity.  Reverse mortgage could be a possible solution either permanent or temporary. There is a very popular company that do home saves, but you have to have income to pay any lower payment that they can negotiate for you.
  • October 29 2011
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How do you plan to pay the loan if you have no income?
  • October 28 2011
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I respectfully disagree with the idea that a reverse mortgage is automatically a bad option.  There are fees associated with a reverse.  The bad ones are the upfront mortgage insurance (this is an FHA loan) and the monthly mortgage insurance.  I just ran the numbers.  62 years old and I used the zip code 11724.  The estimated fees are:  Appraisal, $450. Title (similar to any refinance.  Don't know that much about NY).  The ugly fee (talked about earlier) is the upfront MI fee.  That would be 12,510.  Interest rate is 5.06% (many other options available).  You would have cash available (after paying off the 50k mortgage) of around 320,000.  If this is of interest to you, then you need to seek out a reverse mortgage lender in NY state that can tighten up these numbers for you.  If you are in trouble, this is a great option.
  • October 28 2011
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Unless your bank will give you a line of credit based solely on the equity and credit score, and you are not interested in paying hard money fees and rates, then a reverse mortgage is the answer.
  • October 28 2011
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Profile picture for Blue Nile
The costs associated with reverse mortgages usually do not make them good choices for most people.

You might consider renting out a room or rooms to some tenants to meet your current cash flow needs.
  • October 28 2011
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