When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

Bank pushed us to 40% down payment so also executed a $85K seller carry-back loan to cross the finish line.

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

A couple questions:1) Has anyone worked with local lenders like a local bank or credit union?

I have a few banks and family offices I've worked with for years that will definately do the deals with me. 

I've done refis with section 8 tenants in the units from traditional banks and dscr lenders.

I ask for a list of their current ongoing monthly expenses.Lastly, I have them sign an authorization to check all the above with their bank, their employer, etc.

If you're looking for a great lender who can get you to the finish line, including getting creative if there's any problem with your loan, contact James Mahieu with Northpointe Bank.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If my business owner bank statements did not gain me an approval, I was going to go the hard money route.