Can I obtain a reverse mortgage without much equity?

To qualify for a Reverse Mortgage you must:

Be 62 years of age or older.
Be eligible for a loan amount sufficient to pay off all mortgages and liens on your property. In order to get a Reverse Mortgage, you must be able to qualify for at least enough money to pay off all existing mortgages or other liens that already exist on the property.

The amount of money you can get from a Reverse Mortgage is determined using a calculation that takes into account your age, county, current interest rates, and the total value of your property. The amount of money you can get from a Reverse Mortgage must be more than what you owe on your home.

Typically, you will probably qualify for a Reverse Mortgage if you owe less than 50 percent of your home's value, but some people qualify owing as much as 90 percent of their mortgage. If you would like to find out how much you are eligible for and verify whether or not you have sufficient equity to qualifiy, try our Reverse Mortgage Calculator:
https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx