Thank You, for your response. I’m just going by what a website said he could qualify for. I was more interested in whether or not he can get one with that much still owed on it. The story is more complex than that. It’s my Mom’s and Uncles house now and has 16,000 on a home improv loan, My uncle has lived there 50years or so and wants to continue to live there he only makes about 300 week take home. My Mom has problems of her own, and needs her equity. So he doesnt make enough to buy her out. I thought that I’d buy the house for 45, 000 or so, and then in two years when he is 62 he can get a reverse mortgage for the rest of my moms interest. Anyway Thats what I was thinking. Quite a story huh? Thanks again
Can someone assume a VA loan for 45,000 and then get a reverse mortgage for 75,000 when he’s 62 to live in the home till he passes. The money is to pay off the 45,000 and the co owner of the home, and the home is valued at 110,000 by the county auditor?
First things first; reverse mortgages are one of the worse deals out there, they’re a RIP.
Being as he’s only 62, he’s got a life expectancy of about 23 more years, even if the house APPRAISES for $110K (that’s a lot different from the county’s value) I doubt if he’d even get $45K for a reverse mortgage.