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How long does the process take to get a reverse mortgage and will I get more money than if I were to sell my home?

Santa Clara, CA |

Is the equity in my home different than an appraised value? I own three homes and want to get a reverse mortgage on one of them so I can repair and remodel two of them. The home I want to reverse mortgage is run down and I need to do repairs. The home I live in is bought and paid for and needs to be remodeled. So is a reverse mortgage better than selling it? Thank you

Attorney Answers 1

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First of, you can only do a reverse mortgage on a primary residence. It takes 30-60 days. Lenders lend up to 65% of your appraised value max, but it depends on your age or your spouse's age. Appeased value does not equal sales price necessarily. So if you sell, you will get more cash in your hand. But consider how much you need and consider capital gains. Loans are not taxable, so that is an advantage.

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