QUESTION:

Home mortgage and Current equity loan

I have a home mortage of a balance of $63,000 and a Home equity loan with a balance of $99,000. My property has been tax assessed for $178,000 and appraised for slightly more. Could a reverse mortgage to used to pay off one of these or even both?
asked by allengarydonna@msn.com, 5/19/2008
Categories: Mortgages, Debt and Mortgages, Credit Card Debt, Reverse Mortgage
ANSWERS:
Answered by: Editorial, 05/30/08
Overall Rating: Be the first to rate it.

Not only can you use a Reverse Mortgage to pay off both of these loans. It is in fact REQUIRED that you use your Reverse Mortgage funds to pay off ALL liens (loans) against your home.

As such, it may be difficult for you to qualify for a Reverse Mortgage. You owe $162,000 on a home worth $178,000.

Learn more about qualifying for a Reverse Mortgage here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx

Or

Get matched to a Reverse Mortgage lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx

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