Mid-Century Homes, Modern Values
Lakewood 1950s-70s housing stock has appreciated significantly. Original owners who took out reverse mortgages years ago may have seen values increase substantially, potentially leaving equity for heirs.
Understanding Your Situation
Loan Balance vs. Property Value
Reverse mortgage balances grow over time as interest accumulates. However, Lakewood property values have also grown. The difference determines your equity.
The 95% Option
Heirs can satisfy an HECM by paying 95% of appraised value, even if the loan balance is higher. This can create equity in some situations.
Deferred Maintenance Issues
Older homes with reverse mortgages sometimes have deferred maintenance. We buy as-is and handle repairs ourselves. No need to fix anything before selling.
Lakewood Neighborhoods We Serve
Fast Equity Assessment
We can determine property value and approximate loan payoff within 24-48 hours. You will know quickly whether equity exists and approximately how much heirs can expect.
Frequently Asked Questions
Can you buy a Lakewood house with a reverse mortgage?
Yes. We purchase properties with HECMs throughout Lakewood. The loan is paid from sale proceeds and heirs receive remaining equity.
Lakewood has many mid-century homes - is there equity left?
Lakewood appreciation has been strong. Even homes with older reverse mortgages often have remaining equity. We provide free assessments within 24-48 hours.
What if the house needs repairs?
We buy as-is. Deferred maintenance does not prevent us from purchasing. We factor condition into our offer while still providing fair value.
How long do I have to make a decision?
Heirs typically have 6 months with possible extensions. Our 7-14 day closing means you have time to consider options before committing.
What if the loan exceeds home value?
HECMs are non-recourse. Heirs have no personal liability for any shortfall. You can walk away without debt.