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QUESTION:
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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 |
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Categories:
Medicare, Reverse Mortgage, Social Security
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| ANSWERS: | | Answered by: Editorial, 09/04/08
Overall Rating:  Be the first to rate it. | 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 Login to rate this answer: | | Answered by: Raymond Denton, 10/16/11
Overall Rating: Be the first to rate it. | Yes, the Reverse Mortgage will have to pay off the equity line first. Login to rate this answer: |
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