QUESTION:

Reverse mortgage when mortgage balance exceeds property value

Can reverse mortgage be use if the value of the house is less than the mortgage balance or the value of the house is the same as the mortgage balance.
asked by Tom Lejano, 11/21/2007
Categories: Reverse Mortgages
ANSWERS:
Answered by: SilverSurfer, 11/27/07
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Unfortunately no - the value of the house needs to be greater than any current mortgage when you get a reverse mortgage.

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