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About Joe Almirantearena
Expertise
I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.

Experience
I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com
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Fresno Famous

Education/Credentials
California Department of Real Estate

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > reverse mortgage

Real Estate Home Mortgages - reverse mortgage

Expert: Joe Almirantearena - 10/1/2009

Question
My husband is 81 and I'm 60. We own/ed five properties. Unfortunately, two we've had to let go into foreclosure. In order to keep the other three, we moved into a 39 year old mobile home and rented out our primary residence so someone else can pay the mortgage we can't afford. The other two properties are rented. Question, when I'm 62, we wish to do a reverse mortgage. We have bad credit now. We may or may not be living in our former primary residence when I turn 62. At that time, we wish to do the reverse mortgage on. If it's a rental, can we do a reverse mortgage with our bad credit? We can move back in too if necessary. What are the rules? Thank you so much for your service. We're just trying to survive.

Answer
Without knowing more details about your particular situation, I cannot tell you whether you can or cannot do a reverse mortgage. I do know that FHA, which has the shortest timeframe, allows for a transaction after 3 years from the time of a foreclosure. And FHA does offer an FHA reverse mortgage program. Good Luck!

For FREE California mortgage information, please visit http://www.findmyloanonline.com

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here