Profile picture for wab88nc

My mother has offered me a chance to buy her home for the price of the reverse mortgage payoff

of 46500 and the house is worth 80000. I have a credit score of 560 and I am a retired vet. What is my best route to acquire this property?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 06 2012 - Murfreesboro
We think we've answered this question for you!
 
 

Replies (3)

There is no reason you cannot purchase the home because it's a Reverse Mortgage.  As long as the payoff is at least the amount of the loan.  If you are over 62 you can use a Reverse Purchase and your credit score is not a concern, but your down payment is between 30% and 50% depending on age.  Being a Vet of course you have your guarantee as long as you can qualify.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 13 2012
To put you in a better position credit wise, I'd advise speaking with a credit expert to explain how you can bring up your scores.  

Contact me through my profile for a consultation.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 14 2012
Dependinig on the reasons your credit is low, and how much time you have, you can get your scores up. I have been able to raise ours substancially over the last few months. I was able to learn a great deal and ask advice when needed at www.myfico.com.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 14 2012
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
My mother has offered me a chance to buy her home for the price of the reverse mortgage payoff
Profile picture for Cindy Quinton
Latest reply by Cindy Quinton
June 14 2012 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 215 Leisure Shore Rd, Como, NC Home For Sale
    215 Leisure Shore Rd, Como, NC 27818

     For Sale: $179,000

    • Beds: 3
    • Sqft: --
    • Baths: 2.0
    • Lot: 21780
  2. 324 Jay Trl, Murfreesboro, NC Home For Sale
    324 Jay Trl, Murfreesboro, NC 27855

     For Sale: $219,000

    • Beds: 5
    • Sqft: 3950
    • Baths: 3.0
    • Lot: --
  3. 111 Liberty St, Murfreesboro, NC Home For Sale
    111 Liberty St, Murfreesboro, NC 27855

     For Sale: $62,500

    • Beds: 3
    • Sqft: 2000
    • Baths: 2.0
    • Lot: 13939