If my house is worth $135,000 and I owe $35,000. how much can I get with a reverse mortgage? Do I get a lump sum or monthly payments? I am singleBy Kenny L. on 11.19.2018
There are other factors that will determine your benefit amount that include your age, the interest rates at the time and the costs in your area. The funds you do receive would have to go first to paying off the existing loan and then any remaining funds would be yours to decide how to access.
You could decide to take the funds in several different ways, which include lump sum payments, a line of credit to access as you need/desire or monthly payments. And then depending on your payment histories, HUD may require you to set funds aside to pay taxes and insurance if you have had late payments for taxes, insurance or other property charges in the last 24 months. To make a long story short, I don’t have enough information here to answer your question outright regarding how much money you could get in your loan.
But I have something even better for you! We have an online calculator, ARLO (All Reverse Loan Optimizer) which does not require you to give us any really personal information such as social security numbers, etc (in addition to basic information you supplied here, we do need your month and year of birth and zip code so we know your benefit amount and the costs in your area) and from that, we can give you all the information including the amounts available, the costs in your area and the different methods available to you to access your funds.
The calculator is available 24 hours a day, 7 days a week and we will never push you or pressure you from there. If you wish us to contact you, we will be happy to do so but if you would rather not, that is your choice as well. Check ARLO out and see what is available to you.