QUESTION:

Equity loans

What happens if your house is paid for, but you have an equity loan? Would this pay the equity loan off?
asked by Helen Talley, 9/2/2008
Categories: Reverse Mortgage, Medicare, Social Security
ANSWERS:
Answered by: Editorial, 09/04/08
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I assume you are asking about a Reverse Mortgage. In order to get funds from a Reverse Mortgage, all liens (mortgages, equity loans, etc..) must be paid in full.

Most people use part of the proceeds of a Reverse Mortgage to pay off the loans and then use the balance for their retirement needs.

If you would like NewRetirement to connect you with a prescreened Reverse Mortgage lender, continue here:

https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx

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