Profile picture for norabmj

Reverse Mortgage

I recently became ill and had to move from PA to TX wht my grandaughter. My home is paid off but i did a reverse mortgage a couple years ago and MOST of the money i borrowed i put back into the house (central heat and a/c, new carpet, storm windows and doors etc).
My question is should i hire an independent appraisal or should i go though bank of america which is the lender to my reverse mortgage. I know its worth more now than when i initially did the reverse mortgage. Please help!
  • October 15 2009 - New Castle
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Answers (5)

Hello   I would suggest to contact your lender just to check out what your options are.  It depends where your home is located and what the current market as to any increase value.  Sometimes improvements make your house salable but not necessarily add to the market value.  An appraisal will certainly give you a more accurate  figure as to the value but the bottom line as almost always been that your house is worth what ever someone
is willing to pay for it. Most of the time buyers and inventory determine the market..Hope this helps.
  • February 22 2010
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Profile picture for shapiroamg
Taking a guess. House is in PA. Owner now lives in TX. Needs to sell it and payoff Reverse.
  • October 27 2009
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Nora,

I don't know about Patrick or Wayne, but to give you any kind of advice we would need to know what you are trying to do?  Sell? Refinance? take additional cash out?
  • October 26 2009
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Profile picture for Mortgage Brothers
If you permanently reside in Texas now you probably will not be able to do another reverse mortgage.  The terms of your existing reverse mortgage should specify that if the residence ceases to be your primary residence for
12 months that the existin reverse mortgage can be called.

If you are not permanently residing in Texas you can explore doing another reverse mortgage to see if it will net you additonal funds.  Rates probably lower than when you did your first loan which will increase the available net funds, however the FHA has recently lowered the maximum loan to value available.
  • October 26 2009
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Depending on current value, you may have additionally equity in the property. Your Realtor should be able to assist you with an analysis of recent sales vs your initial value.  If it appears the value has increased you can go on to www.aarp.org and put pertinent info requested in their Reverse Mortgage Calculator. It will tell you if there is additional equity available. If so contact BoA about a reverse mortgage refinance. An FHA appraisal will be required as part of the refi process which the lender will need to order.
Good luck
  • October 18 2009
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