QUESTION:

Paying off liens??

After paying off all liens 1st. & any equity loans, would the equity line have to be closed or could it remain open?
asked by jdressy, 6/30/2010
Categories: Transitioning to Retirement
ANSWERS:
Answered by: Jason B, 07/01/10
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If you get a reverse mortgage, you are required to close out all previously existing home equity lines of credit on your home, even if those equity lines have not been drawn upon. A reverse mortgage must be the only lien held against the property.

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