Reversed mortgage

[Deleted]

tloonya, it's good to see you back again!  

If 1955 (the year in your new name) is your birth year, you won't get very much out of a reverse mortgage or you may not be eligible at all.  They're designed for older people and the lender gets paid only when the homeowner moves out or dies.  If you're 64, they may have to wait a very long time so they're not going to want to lend you much of the equity.

I don't blame you for wanting to escape to the Caribbean right now- all of us in the snowy North are getting really sick of winter- but how "refreshed" will you feel after you come back from your sunny vacation with more debt?  Hang in there- winter won't last forever.

[HoneyBBQ]

Mar 4, 2019 13:15:25 GMT -5 tloony said:

Mar 4, 2019 12:38:39 GMT -5 HoneyBBQ said:

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

Look down...

[❤ mollymouser ❤]

Borrowing money against your home to go on vacation is a very unwise financial choice.

Is there some way that you can trim your budget and save up for a vacation?

Or choose a less expensive vacation?

[Knee Deep in Water Chloe]

1) I missed that Looney was back!!!
2) I missed what ever snark happened

Damn having to work!

[justme]

Mar 5, 2019 22:59:01 GMT -5 Knee Deep in Water Chloe said:

1) I missed that Looney was back!!!
2) I missed what ever snark happened

Damn having to work!

Don't feel bad. I caught this thread when it started and I still missed the snark when I took 30 minutes to work.

[weltschmerz]

Mar 4, 2019 11:32:41 GMT -5 tloony said:

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!

Have you tried a bank in Russia?
They seem to have a history of lending people money when the US banks will have nothing to do with them.

[tloony]

Mar 4, 2019 14:57:11 GMT -5 giramomma said:

What about just taking out a personal loan? This is old, but something here might be useful?

www.magnifymoney.com/blog/pay-down-my-debt/7-personal-loans-600-700-credit-scores/

Or Peer-to-Peer lending....

Thanks. Will look into this.

[tloony]

Mar 4, 2019 14:19:11 GMT -5 hoops902 said:

Mar 4, 2019 13:49:03 GMT -5 tloony said:

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?

While searching for the loan I was calling companies like Lending Tree and such and they told me my house worth but I had an appraisal from Chase and it was the same.

I am saying vacation but it is really just to repair roof and take some time off. About $30k
I’ll take $10k if I was given some.
Whatever I was offered is refinancing but I am not leaving Chase. No one will give me 2% loan.
Right?

[tloony]

Mar 5, 2019 12:17:38 GMT -5 HoneyBBQ said:

Mar 4, 2019 13:15:25 GMT -5 tloony said:

My credit is 633. That’s why.

And what about signature? Lol

Look down...

Down where? And those wings are still look delicious.

[gs11rmb]

Mar 6, 2019 10:58:14 GMT -5 tloony said:

Mar 5, 2019 12:17:38 GMT -5 HoneyBBQ said:

Look down...

Down where? And those wings are still look delicious.

Below HoneyBBQ's posts is a signature line, which states "I am not helping you out! What are you 12? Grown up women living in $700K house smelling like a dog are beyond help IMO!"

[tloony]

Mar 5, 2019 7:22:19 GMT -5 tractor said:

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.

Can you please tell more? Thanks

[tloony]

Mar 6, 2019 10:59:41 GMT -5 gs11rmb said:

Mar 6, 2019 10:58:14 GMT -5 tloony said:

Down where? And those wings are still look delicious.

Below HoneyBBQ's posts is a signature line, which states "I am not helping you out! What are you 12? Grown up women living in $700K house smelling like a dog are beyond help IMO!"

Oh! I am on a phone and I can’t see that. But thanks.

[hoops902]

Yeah I wouldn't want to refinance if you've got 2%, that's why you need a HELOC (line of credit), not refinancing out of a good rate to a less-good rate just to pull equity out.  

This may be a dumb question, but have you ASKED about a HELOC (home equity line of credit)?  Or have you been asking about refinancing?  I'm wondering if it's possible you're ending up talking to refinancing people and they're just not bothering to pass you onto HELOC folks within the same company because they're lazy and it's easier not to. 

With the numbers you've presented, it's hard to figure out why a bank wouldn't want to give a small HELOC to you, even with bad credit.  The equity seems substantial enough that their risk seems rather low.  

Have you tried a smaller, local bank?  Someone with perhaps more flexibility and more local decision-making?  If the credit score is the issue, you may be running into nationwide parameters at larger places such as "don't make loans below this score", while a smaller more local bank may have more leeway.

Also, are they asking why you want/need the HELOC? If so, do not say "vacation"!

[tloony]

Mar 5, 2019 22:26:14 GMT -5 ❤ mollymouser ❤ said:

Borrowing money against your home to go on vacation is a very unwise financial choice.

Is there some way that you can trim your budget and save up for a vacation?

Or choose a less expensive vacation?

Naah. It’s been roughest few years. I need a mental break. And I don’t care about paying more/less - I just want money! I’ll think about it all later. At the moment I am unable to THINK! That’s bad.

[Deleted]

I totally get just wanting to run away and hide, but you don't want to make things even worse for you later.   Can you figure out a cheap getaway that you could afford?   Something that would still give you a change of scenery and let you reset your brain?

[tloony]

Mar 6, 2019 11:01:38 GMT -5 hoops902 said:

Yeah I wouldn't want to refinance if you've got 2%, that's why you need a HELOC (line of credit), not refinancing out of a good rate to a less-good rate just to pull equity out.  

This may be a dumb question, but have you ASKED about a HELOC (home equity line of credit)?  Or have you been asking about refinancing?  I'm wondering if it's possible you're ending up talking to refinancing people and they're just not bothering to pass you onto HELOC folks within the same company because they're lazy and it's easier not to. 

With the numbers you've presented, it's hard to figure out why a bank wouldn't want to give a small HELOC to you, even with bad credit.  The equity seems substantial enough that their risk seems rather low.  

Have you tried a smaller, local bank?  Someone with perhaps more flexibility and more local decision-making?  If the credit score is the issue, you may be running into nationwide parameters at larger places such as "don't make loans below this score", while a smaller more local bank may have more leeway.

Also, are they asking why you want/need the HELOC? If so, do not say "vacation"!

HELOC TAKES ME TO a Lendingtree

[swamp]

Go to a small local bank or credit union and ask for a HELOC. 


ETA:  I do bank work for 3 local banks.  I can process a HELOC in about 2 weeks after a commitment letter is issued.   The application process is probably about as fast as you can get them your information. 

[hoops902]

Mar 6, 2019 11:50:13 GMT -5 tloony said:

Mar 6, 2019 11:01:38 GMT -5 hoops902 said:

Yeah I wouldn't want to refinance if you've got 2%, that's why you need a HELOC (line of credit), not refinancing out of a good rate to a less-good rate just to pull equity out.  

This may be a dumb question, but have you ASKED about a HELOC (home equity line of credit)?  Or have you been asking about refinancing?  I'm wondering if it's possible you're ending up talking to refinancing people and they're just not bothering to pass you onto HELOC folks within the same company because they're lazy and it's easier not to. 

With the numbers you've presented, it's hard to figure out why a bank wouldn't want to give a small HELOC to you, even with bad credit.  The equity seems substantial enough that their risk seems rather low.  

Have you tried a smaller, local bank?  Someone with perhaps more flexibility and more local decision-making?  If the credit score is the issue, you may be running into nationwide parameters at larger places such as "don't make loans below this score", while a smaller more local bank may have more leeway.

Also, are they asking why you want/need the HELOC? If so, do not say "vacation"!

HELOC TAKES ME TO a Lendingtree

I'm not really sure what this means.  There are a lot more places than LendingTree that do Helocs.  

[Deleted]

Mar 6, 2019 11:56:49 GMT -5 hoops902 said:

Mar 6, 2019 11:50:13 GMT -5 tloony said:

HELOC TAKES ME TO a Lendingtree

I'm not really sure what this means.  There are a lot more places than LendingTree that do Helocs.  

I think she just Googled it. 

[Deleted]

Loony, any bank or credit union is going to know what you're asking for when you ask for a HELOC.  Lots of people have them.  It's just a line of credit against your house.  I have one for 30K.  Opened it a few years ago just because they were running a deal with no annual fee to keep it open and now it's there if I ever need it.  I think it expires in 10 years though.  All I have to do to use it is transfer the funds online to my checking. 

[Deleted]

Mar 5, 2019 23:20:42 GMT -5 weltschmerz said:

Mar 4, 2019 11:32:41 GMT -5 tloony said:

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!

Have you tried a bank in Russia?
They seem to have a history of lending people money when the US banks will have nothing to do with them.

[Deleted]

The two high points of getting our HELOC were the first time I told them to put their paperwork where the sun would never find it and the second time I told them that.  First go-round they noticed that we had paid off our mortgage with cash and asked me where I got the $$.  I answered that it was from our savings account and the loan officer said I was lying because no one has that much cash (it was $30,000).  New loan officer assigned to us and round #2 was when they kept postponing the closing because they couldn't get their paperwork done after 3 months.  After third or fourth rescheduled closing, they ended up sending someone to my house for signatures.  

Never did get to use the damn thing anyway because they sent me someone else's checks and God alone knows where mine went.  We ended up drawing our savings down another $30,000 for our remodel but it was better than trying to deal with them.  Then they (BOA) asked me for a customer satisfaction survey and that was so much fun 

[Deleted]

Probably not going to get a HELOC or any other type of loan because there is probably not enough income to justify the loan.  The lender doesn't want to have to reposess the home to get their money back. 

[ken a.k.a OMK]

Mar 6, 2019 13:28:49 GMT -5 @marinauser said:

Probably not going to get a HELOC or any other type of loan because there is probably not enough income to justify the loan.  The lender doesn't want to have to reposess the home to get their money back. 

That's right and probably the problem. We wanted a HELO for $130,000 to help our son with a bridge loan between buying a house and selling a house (maybe 2 months). The interest was less then we were making on our investments therefore we didn't want to cash any in. I thought we'd have no problem. We have $2.8M in funds and own our house (valued at $400k). We only got approved for $80k. It was because we are retired and our income is small (but all we need). It is based on income, ability to pay, not assests.

[tloony]

Mar 6, 2019 11:52:54 GMT -5 swamp said:

Go to a small local bank or credit union and ask for a HELOC. 


ETA:  I do bank work for 3 local banks.  I can process a HELOC in about 2 weeks after a commitment letter is issued.   The application process is probably about as fast as you can get them your information. 

I might just try. I just don’t have any small banks iaeound. I’ll google it.

[tloony]

Can I talk to my mortgage bank?
I just need to know what to say because they seem o my want me to be behind. If I am current - nothing is happenning. But maybe there is a way?

[tloony]

Mar 6, 2019 13:42:58 GMT -5 ken a.k.a OMK said:

Mar 6, 2019 13:28:49 GMT -5 @marinauser said:

Probably not going to get a HELOC or any other type of loan because there is probably not enough income to justify the loan.  The lender doesn't want to have to reposess the home to get their money back. 

That's right and probably the problem. We wanted a HELO for $130,000 to help our son with a bridge loan between buying a house and selling a house (maybe 2 months). The interest was less then we were making on our investments therefore we didn't want to cash any in. I thought we'd have no problem. We have $2.8M in funds and own our house (valued at $400k). We only got approved for $80k. It was because we are retired and our income is small (but all we need). It is based on income, ability to pay, not assests.

Why couldn’t you just give your son your own money I stead of dealing with loans? Just for my infozzz

[Deleted]

No.  You don't want to be behind, you'll never get another loan then.  You must be thinking of some kind of bail out program that you need to be behind to get.  This is just a home equity loan or home equity line of credit.   Ask for that.  Your mortgage bank will know what it is.  But as was stated previously, if they think you already have too much debt you might be out of luck. 

[TheHaitian]

Mar 6, 2019 13:42:58 GMT -5 ken a.k.a OMK said:

Mar 6, 2019 13:28:49 GMT -5 @marinauser said:

Probably not going to get a HELOC or any other type of loan because there is probably not enough income to justify the loan.  The lender doesn't want to have to reposess the home to get their money back. 

That's right and probably the problem. We wanted a HELO for $130,000 to help our son with a bridge loan between buying a house and selling a house (maybe 2 months). The interest was less then we were making on our investments therefore we didn't want to cash any in. I thought we'd have no problem. We have $2.8M in funds and own our house (valued at $400k). We only got approved for $80k. It was because we are retired and our income is small (but all we need). It is based on income, ability to pay, not assests.

Wow that is crazy!

[swamp]

Mar 6, 2019 13:52:04 GMT -5 tloony said:

Can I talk to my mortgage bank?
I just need to know what to say because they seem o my want me to be behind. If I am current - nothing is happenning. But maybe there is a way?

Yes.  

What bank do you use?