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?

Asked 11 months ago - 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)

  1. Boris Kayhan

    Contributor Level 12

    1

    Lawyer agrees

    Answered . 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.

One or more answers have been taken down.

Related Topics

Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

18,549 answers this week

2,435 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

18,549 answers this week

2,435 attorneys answering