OK. Then talk to the bank; they will be real nice and give you everything you want.

My God, you are so rude!!

It's impossible to say since no information about your cash flow or income is given. Each lender uses its own appraiser when it comes to deciding. As an appraisal principle, it's virtually impossible to increase your home's value by $50K through $25K of renovations. That would be like cold fusion. I mention this because the appraiser the bank sends out, even if you otherwise qualify, may not agree with the previous appraiser(s).

It sounds like you're really boxing yourself into a corner. The lender will want to see what income you generate and likely won't accept what is as yet potential and uncertain cash flow from a newly created apartment.

Hello:

I am new...wish I knew this forum before getting my Reverse Mortgage!

My home was appraised at $150,000 and received $55,000 as the Reverse Mortgage based on this value. I also had to get Private Second Mortgage in the amount of $25,000 which I used to restore my home and now it is appraised at $200,000. I need to borrow again to pay this Second Mortgage because it was for one year and the due time is coming up.

I wanted to know if I can refinance the whole thing, the Reverse Mortgage + Second Mortgage + Some Extra Cash as One Mortgage from a Bank or Trust Company for $125,000?

My problem is I didn't know that I couldn't rent the extra self contained unit I have if I had the Reverse Mortgage; It is staying empty which could bring in $1,000 in rental income I need badly .