I have a reverse mortgage approved (schedeuled to close next week), but I do not feel that I have been offered the best deal.

Can anyone suggest a more (liberal) mortgage outfit to get an offer from?

Also, I just read about the baloon option. My property appraises at $400,00 but is depreciated dowm below $200,000. For the Revere. Is a baloon a possibility?

Any suggestions?

Do you have a mortgage on the property? Have you been awarded the certificate from a reverse mortgage counselor? Have you chosen the option of a set amount paid out per month for a period? Have you asked the lender about a balloon payment at the end? (Balloon for Reverse Mortgage - this is fixed amount payments for a period and then one large payment [balloon] towards the end of the term.)

I have a payoff amount. But after all the deductions, it is not adequate.
I just read a statemen about a balloon payment on reversemortgage and they can be subsntantially higher in some caeswe. It showed figures.
I was looking for someone who knew about balloons in the reverse mortgage area.

Rather than a balloon payment, I think you need to do some phone calling to find out if you can get a better deal ("payoff") in the first place. The housing market is in bad shape right now. Can you wait for a year or two in hopes the housing market improves?

No, I can not wait.

But thanks.

Donz