Once denied a reverse mortgage, can you apply again through another bank?

I don’t see why not. Each bank makes their own decision on weather to lend or not. That doen’t mean they’ll make a different decision though.

Yes. With the market in such flux right now, the appraisals often vary widely.

See, we were told “no” from the reverse mortgage company we were going though. It seemed fishy.

Never mind then.

@Hibernate The appraisal should be the absolute worth. I know the market in the the location very very well. It didn’t match up. At all.

The apraiser was at the house no more than 5 minutes and only went through half the house and ignored our half acre lot.

Is the half acre lot buildable in your area?? If so maybe your mother can talk to a real estate agent about selling the property, it may be worth more alone and she may not need to take to reverse mortgage and only sell the land.

@creative1 Okay. The house is also nice and in amazing condition. Yes we can sell. It has alot to do with the emotional tie to the house. We all grew up here etc. Yes, another house could be built on the property. If we had the money. We don’t. We don’t want to sell. We clearly can. My mother is 70 and she should be able to live in the house my father worked hard for. We were appraised unfairly (honest to god). I don’t unstand why. Another bank may use a different appraiser. If we could try again, there maybe a chance for my mother to kept the home she’s lived in for the last 30 years. Shit, the house next door just sold for $800,000 and it’s half the size and has wood rot, and less property. Our house is redwood and in great shape, and all of our property is flat (lives in a mountain area). I don’t understand. Yes the house was built in 1973, but it’s one wall constrution. The roof is new, and I live in one of the few places in the U.S.A. where property is still worth something. I just don’t understand. Our hous is insured for twice the amount than the appraiser estimated. It baffles me. and insurance company shot low out of nature.

Plus a house that’s 2,400 square feet remodeled and in fantastic condition is worth something. Dispite the property value alone. It can be sold and has to be sold. Reverse mortgage is what would be best for my mother.

I am saying divide the property and not sell the house…. You can just sell the lot and your mom still keeps and owns her home and the money from the sale of just the land itself. A reverse mortgage is good in some situations but do you realize that after her death the house will no longer be yours but the banks and you would have to qualify for a new mortgage at whatever current rates they are if you wanted to keep the house otherwise the bank will sell it to recoup what they paid your mother.

@creative1 Oh okay, I understand what your saying. That’s not a bad Idea. Unfortunately, the shape of the property is long. I could see it working if I tare down a few walls and build and a driveway to the back of the property. Might be worth it.

Have an independent market appraisal done on the house.

You do understand that with a reverse mortgage, you are only able to draw on part of the equity in a house? Even if the house were to appraise for $800,000, your mother would not be eligible for that much money as a reverse mortgage. Is there an outstanding mortgage on the property? A reverse mortgage is predicated on the house being sold when your mother dies. Depending on your mother’s age, it may be financially beneficial for your mother to sell the house while it’s still in good shape and doesn’t have maintenance needs.

Have an independent market appraisal done on the house; it will cost you some money.

I am confused.

The reverse mortgage was REJECTED because of a low appraisal by YOU?

It sounds like the “Bank” is fishing for a great deal.

Call another bank. Like may other answers, each bank has their own rules. One point that no one else mentioned is your mothers credit score.

This may have been the reason for the rejection. jp

@john65pennington My mother has a fantastic credit score. She owes nothing but her mortgage.

If she is still paying a mortgage on the property then that may preclude you from taking out a second mortgage on the same property.