Plz help- need creative funding to buyback my grandmothers reverse mortgage.

[Melissa Marques]

As the title implies, my grandmother recently passed away and had a reverse mortgage on the home with a debt of $400,000 house is worth at least $800,000.

Main issue is I am self-employed, and my income is really low, but my credit score good (700-770).

A large room with its own entrance and bathroom was added onto the house like the 70's which can probably be turned into an ADU. I know there are some programs encouraging this by giving grants for this due to the housing crisis. But above all, my income is the problem. Since I can rent out the ADU I know some lenders would count that 75% of potential income onto my income, but they are hard to come by.

Anyone with info, or anyone interested in investing with me on this great deal. If your experienced in creative funding, lets talk! 

Thanks!!

Melissa, 33

Hayward, CA

[Sasha Mohammed]

Sorry to hear about your GMa's passing! :( 

There are options, even for self employed. i have a lender, for example, which will use 100% of your 1099 income to qualify you, as opposed to your tax returns (fannie and freddie) with all of your write-offs. 

You could also look into bank statement loans, which use your deposits to qualify you instead of your tax returns. 

If you don't intend to live there, you could also try to finance using some type of DSCR loan, which would be based off the tenants paying rent as opposed to you as a borrower.

i suggest you reach out to a mortgage broker (broker specifically, as they should have lending OPTIONS for you) to take a look at your entire financial picture and tell you what would be your best solution. 

Best of luck!