tloony
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Post by tloony on Mar 4, 2019 10:37:01 GMT -5
Hello guys! Long time no see. Always thought of you. For years if absence. It’s tloonya. Howdy!
So I need your help. I am looking into reverses mortgage and doesn’t seem to be able to find any legit info. Just received CD from AIG but hadn’t had a chance to watch it yet. Please enlighten me in this process. I have $130k in equity and I still owe $180k and my home value is $311k...yeah...311 lol.
Can anyone tell me ANYTHING ABOUT IT? Appreciate you all.
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happyhoix
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Post by happyhoix on Mar 4, 2019 10:44:27 GMT -5
Hello tloonya! Nice to hear from you.
I can't help on the reverse mortgage thingie - but I'm sure there are multiple posters here who can.
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laterbloomer
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Post by laterbloomer on Mar 4, 2019 10:47:03 GMT -5
From all the info I've gathered you can only reverse mortgage 55% of your home's value. I don't think you have enough equity to do it.
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bean29
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Post by bean29 on Mar 4, 2019 11:04:30 GMT -5
You also have to keep the house in really good physical shape to maintain the reverse mortgage. It is not really a good option for most people who are strapped for cash, b/c they can not afford the upkeep if they are counting on the reverse mtg payments to live on.
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Deleted
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Post by Deleted on Mar 4, 2019 11:08:56 GMT -5
I think the only scenario where I'd MAYBE consider one is if my house was paid off and I was older and wasn't concerned about having no equity 20 years later. Even then, probably not because I've heard they have crazy high fees.
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tloony
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Post by tloony on Mar 4, 2019 11:32:41 GMT -5
So nice to see you all still here! Wow! You are haven’t aged a bit! And thanks. Then I need to make another thread . But I don’t even know what to ask.
I really want to use a bit of my equity to have a breather and then move back and do what I am doing. I just need bit of money. $5-$20k and bank wouldn’t give it to me.
But I have an equity! Darn!
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ken a.k.a OMK
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Post by ken a.k.a OMK on Mar 4, 2019 11:35:32 GMT -5
Sounds like you want a short term loan like a home equity loan for $20k but the bank won't give you one?
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swamp
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Post by swamp on Mar 4, 2019 11:35:53 GMT -5
why don't you just refinance?
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tloony
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Post by tloony on Mar 4, 2019 11:39:12 GMT -5
You also have to keep the house in really good physical shape to maintain the reverse mortgage. It is not really a good option for most people who are strapped for cash, b/c they can not afford the upkeep if they are counting on the reverse mtg payments to live on. See dear, my mortgage is $1350/mo including taxes ($5600) and insurance ($1200). Apartments here start at $900. I must be a total loser to not to keep my house right? Last decade was financially hard for me. All I want is to take some money and buy me a bit of ME time. I am tired and I want to take a month off and spend it somewhere at Caribbeans with somebody I want to. Than back to work and all that shit. HOW can I do that?
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tloony
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Post by tloony on Mar 4, 2019 11:39:43 GMT -5
Sounds like you want a short term loan like a home equity loan for $20k but the bank won't give you one? Right!
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tloony
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Post by tloony on Mar 4, 2019 11:42:49 GMT -5
why don't you just refinance? Jesus Xheist! Swamp??? Are you still a lawyer? Lol Dear, I am at best ever I can be. 2% mortgage - my bank gave me all they could! I can’t fuck that up and bring my payment to $1900/mo. I had an offer. No way. I just want some money now to pay back whenever they tell me. 10 years? Idk...
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swamp
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Post by swamp on Mar 4, 2019 11:47:06 GMT -5
why don't you just refinance? Jesus Xheist! Swamp Are you still a lawyer? Lol Dear, I am at best ever I can be. 2% mortgage - my bank gave me all they could! I can’t fuck that up and bring my payment to $1900/mo. I had an offer. No way. I just want some money now to pay back whenever they tell me. 10 years? Idk... Then you want a HELOC, not a reverse mortgage. The fees on reverse mortgages are really high.
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Deleted
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Post by Deleted on Mar 4, 2019 11:49:50 GMT -5
You also have to keep the house in really good physical shape to maintain the reverse mortgage. It is not really a good option for most people who are strapped for cash, b/c they can not afford the upkeep if they are counting on the reverse mtg payments to live on. See dear, my mortgage is $1350/mo including taxes ($5600) and insurance ($1200). Apartments here start at $900. I must be a total loser to not to keep my house right? Last decade was financially hard for me. All I want is to take some money and buy me a bit of ME time. I am tired and I want to take a month off and spend it somewhere at Caribbeans with somebody I want to. Than back to work and all that shit. HOW can I do that? You're really considering a reverse mortgage to go to the Caribbean? I missed you Loony.
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Deleted
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Post by Deleted on Mar 4, 2019 11:54:25 GMT -5
why don't you just refinance? Jesus Xheist! Swamp Are you still a lawyer? Lol Dear, I am at best ever I can be. 2% mortgage - my bank gave me all they could! I can’t fuck that up and bring my payment to $1900/mo. I had an offer. No way. I just want some money now to pay back whenever they tell me. 10 years? Idk... I think you're confused about terminology. A reverse mortgage would also replace your existing mortgage, and eventually you don't own the house anymore.
It sounds like you just want to borrow against the equity.
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tloony
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Post by tloony on Mar 4, 2019 12:33:25 GMT -5
Jesus Xheist! Swamp Are you still a lawyer? Lol Dear, I am at best ever I can be. 2% mortgage - my bank gave me all they could! I can’t fuck that up and bring my payment to $1900/mo. I had an offer. No way. I just want some money now to pay back whenever they tell me. 10 years? Idk... I think you're confused about terminology. A reverse mortgage would also replace your existing mortgage, and eventually you don't own the house anymore.
It sounds like you just want to borrow against the equity. You know me better than I am...I missed you too...😭
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HoneyBBQ
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Post by HoneyBBQ on Mar 4, 2019 12:38:39 GMT -5
Sounds like you want a short term loan like a home equity loan for $20k but the bank won't give you one? Right! Did they give you a reason why? Nice to see you, you are still my signature....
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swamp
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Post by swamp on Mar 4, 2019 12:39:44 GMT -5
Did they give you a reason why? Nice to see you, you are still my signature.... Well, based on her my response to me, my guess is that she was rude when they asked some follow up questions.
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tloony
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Post by tloony on Mar 4, 2019 13:15:25 GMT -5
Did they give you a reason why? Nice to see you, you are still my signature.... My credit is 633. That’s why. And what about signature? Lol
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tloony
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Post by tloony on Mar 4, 2019 13:16:09 GMT -5
Did they give you a reason why? Nice to see you, you are still my signature.... Well, based on her my response to me, my guess is that she was rude when they asked some follow up questions. Gawd! Still buthurt as always? What’s wrong?
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Deleted
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Post by Deleted on Mar 4, 2019 13:41:26 GMT -5
If the bank gave you "all they could" and your score is 633, you're kind of screwed. You can go get a payday loan or run up a credit card I guess if the vacation is that important to you. Otherwise, you can do something really crazy and save up for it.
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tloony
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Post by tloony on Mar 4, 2019 13:49:03 GMT -5
If the bank gave you "all they could" and your score is 633, you're kind of screwed. You can go get a payday loan or run up a credit card I guess if the vacation is that important to you. Otherwise, you can do something really crazy and save up for it. Oh darn! You making me tell it all and I didn’t want to... Ok. I’ll make another thread. But why is it so hard to ask for a piece of whatbis yours anyway?
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ken a.k.a OMK
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Post by ken a.k.a OMK on Mar 4, 2019 13:59:01 GMT -5
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swamp
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Post by swamp on Mar 4, 2019 14:02:19 GMT -5
If the bank gave you "all they could" and your score is 633, you're kind of screwed. You can go get a payday loan or run up a credit card I guess if the vacation is that important to you. Otherwise, you can do something really crazy and save up for it. Oh darn! You making me tell it all and I didn’t want to... Ok. I’ll make another thread. But why is it so hard to ask for a piece of whatbis yours anyway? You're right. You should be able to get a piece of what is yours. They are being completed unreasonable. Go in the bank and DEMAND a reversed mortgage on your property. Don't give up. Ever. Stick it to the man who is keeping you down!!
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hoops902
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Post by hoops902 on Mar 4, 2019 14:19:11 GMT -5
If the bank gave you "all they could" and your score is 633, you're kind of screwed. You can go get a payday loan or run up a credit card I guess if the vacation is that important to you. Otherwise, you can do something really crazy and save up for it. Oh darn! You making me tell it all and I didn’t want to... Ok. I’ll make another thread. But why is it so hard to ask for a piece of whatbis yours anyway? A piece of what is yours? It's the house that's yours, and you have more than a piece of it, you have the entire thing. What you don't have is someone willing to lend you money...but it hardly seems like other people's money could be considered "yours". Either way, a reverse mortgage, as pointed out, isn't going to help. Sounds like you've asked for an additional loan on the house to no real avail. If you're going to go away on vacation, have you considered renting the house out and using that money to pay for things while you're gone? Have you tried other lenders (multiple lenders)? Even with lousy credit, if you really have $130k in equity, it seems like someone would be willing to give you a bigger line of credit (how much did you want?). So the real questions are: 1. How did you determine your house is worth $311k? (this may be an insight into why the bank wouldn't give you what you wanted?) 2. How much are you needing for your vacation? 3. How much did the bank offer you, if anything, for a line of credit on the house?
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mmhmm
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Post by mmhmm on Mar 4, 2019 14:22:47 GMT -5
I've removed a couple more posts from this thread. swamp and tloony , cool your jets. Just ignore each other. zibazinski, please let staff handle this. We don't need another oar in this one. mmhmm, Administrator
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swamp
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Post by swamp on Mar 4, 2019 14:32:27 GMT -5
I've removed a couple more posts from this thread. swamp and tloony , cool your jets. Just ignore each other. zibazinski , please let staff handle this. We don't need another oar in this one. mmhmm, Administrator ordinarily, I would, but I attempted to answer her politely and then she responded in her usual charming way. I'm not taking that shit from her.
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mmhmm
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Post by mmhmm on Mar 4, 2019 14:36:00 GMT -5
I've removed a couple more posts from this thread. swamp and tloony , cool your jets. Just ignore each other. zibazinski , please let staff handle this. We don't need another oar in this one. mmhmm, Administrator ordinarily, I would, but I attempted to answer her politely and then she responded in her usual charming way. I'm not taking that shit from her. In that case, I'd suggest you just block her, swamp. We don't need to drag a thread off into the woods with a battle. Really, we don't. It's just not worth it.
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swamp
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Post by swamp on Mar 4, 2019 14:43:50 GMT -5
I'm not blocking anyone. I'm done responding to her. Answering a question in a reasonable manner just gets you shit on.
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giramomma
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Post by giramomma on Mar 4, 2019 14:57:11 GMT -5
What about just taking out a personal loan? This is old, but something here might be useful?
Or Peer-to-Peer lending....
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tractor
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Post by tractor on Mar 5, 2019 7:22:19 GMT -5
Having just gone through something similar (cash out refinance), I will tell you that even with good credit (mine was 730), and a good household income, it was a pain in the ass to work through all the details. We had $210,000 in equity on our home, took out @ $100,000 to consolidate everything and give more breathing room to make day to day living a little easier. Took almost 6 months to finalize, the current lending climate is not consumer friendly.
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