I need to pay off a reverse mortgage from my parents, I am presently on unemployment benefits due to their passing, and am presently trying to sell the house. Unfortunatly the house is not selling and I have a tenant I am renting to for $1,000 monthly.I am thinking of getting a mortgage and paying back the reverse mortgage of my parents, its not alot. Can I get it on unemployment with a tenant in place. I have been working on my last job for 9 years. and before that 11 years.
Divorce / Separation Lawyer
I am not a mortgage broker but I would have to say that unless you have substantial wealth or some type of annuity set up from which you are drawing an income, I doubt very much a lending institution, in the current economic downturn, would be willing to provide you with a loan. The rental income may not be sufficient in and of itself.
If you are unemployed but are going back to work after taking your family leave, that may be a different story.
I would suggest calling a mortgage broker or go to your local bank to discuss same.
IMPORTANT LEGAL NOTICE: The response to the question posted is not legal advice and it does not create an attorney-client relationship. The response is intended as general information based upon the facts stated in the question, and is provided for educational purposes of the public, not any specific individual. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Responses are based solely upon New Jersey law.
Real Estate Attorney
The idea may be a good one, but in order to qualify for a mortgage, you would need to be the owner of the property first. Second, the property would need to appraise for enough to cover the cost of paying off the existing mortgage plus closing costs and still have enough equity in the property to satisfy the new lender. Third is that you would need excellent credit and sufficient income to support the mortgage payments. The chances are slim in the current economic environment that, based upon the facts as you have set them forth, that you would be able to be approved for a mortgage. If there is enough equity in the property and the reverse mortgage balance is small enough, you may be able to obtain a "hard money" loan from a lender other than a bank.
Please note that this opinion is given as per your question on AVVO at no charge to you.Accordingly, no client-attorney relationship has been created.