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QUESTION:
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Reverse Mortgage and Home Equity Loan | | Is a home equity loan considered a part of the mortgage that must be paid? |  | asked by Ardeth Jerde, 11/29/2007 |
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| ANSWERS: | | Answered by: SeniorAdvisor, 12/03/07
Overall Rating:  Be the first to rate it. | Ardeth, in the context of a reverse mortgage, any home equity debt, that includes home equity lines of credit and/or mortgages, must be paid off with the reverse mortgage proceeds. If the proceeds from the reverse mortgage are not sufficent to payoff the home equity loan or loans then personal funds can be used to make up the difference. Thanks for your question. Senior Advisor. Login to rate this answer: | | Answered by: SilverSurfer, 12/24/07
Overall Rating: Be the first to rate it. | Yes - all the debts against a house need to be paid off if a reverse mortgage is taken out against the house. Login to rate this answer: | | Answered by: plipp, 12/26/07
Overall Rating: Be the first to rate it. | Hi Ardeth,
Yes, a home equity loan must be paid off with the proceeds of a reverse mortgage. Any existing property loans & liens must be paid at the closing of the reverse loan so the reverse will be a first mortgage on the home.
If you have additional questions email back.
Best,
Phil Login to rate this answer: |
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