@August26th, thank you very much for taking a swag at this. If your guess is even close to reality, then it appears I can easily finance this purchase, if I want to.
Regards.
Edit to add a related question:
Seems as though you know something about the lending industry. Let me share a few more details about this transaction in order to frame the question.
The property I'm looking at is titled to a trust which I have a 50% interest in. I haven't gotten the appraisal back yet, but according to redfin it should come in around 208K or so. If you know anything about reverse mortgages, I'd appreciate any napkin math regarding that kind of scenario.
If I used a reverse mortgage option, it seems I could basically get this house with little or no money out of pocket, and no mortgage payments going forward. Too good to be true? What's the catch?
Is that even an option; can you actually buy a house using a reverse mortgage? Or would I have to get a regular mortgage first, and then pay it off with a reverse mortgage?
I am 62, so I do qualify from that standpoint. No wife and no kids, so I'm not concerned with leaving the house to anyone when I die. Any other pros or cons to a reverse mortgage I should be aware of?
Since there are no payments on a reverse mortgage, I assume it has negative amortization which, if I do decide to move, I would have to pay, possibly, much more than I borrowed from it. But if the house appreciates faster than the mortgage balance, then this might be ok?
ETA II: Ah, answered my own question. Found this RM calculator:
https://www.reversemortgage.org/About/Reverse-Mortgage-CalculatorI would only be able to get $45,828 in the first year; assuming I could even use a RM to purchase a property.