Reverse Mortgage?

[lpittenger]

How does a reverse mortgage work? Could we borrow a small amount doing it that way? We may need to rehab my parents home to get top dollar and I just don't know how reverses work!

Thanks,

Linda

[Debbie]

I have limited knowledge on reverse mortgage. Based on my knowledge (per my neighbor's experiences), the bank only willing to do reverse mortgage if there's no liens (including mortgage lien). I do not know if that is local or nationwide.

[Dan Auito]

Home equity loan looks like the way to go here.

[SPIVALAW]

Reverse mortgage takes some study and caution.

Most will only go about 60 or 70% LTV.

They require being the first so if a mortgage exist you have to use some of the funds to pay it off.

[lpittenger]

Thank you all for your help! So far we have found $3000 HELOC, but I think that is all they have on the home.

Do you all think it is wise to rehab it and try to get the top dollar possible in this market or just sell as is? I am just so afraid of not have enough money for my mom's care. Would it be better to hold it for a while and see what the market does?