Still owe on home loan

Absolutely!

The amount of money you can get from a Reverse Mortgage is determined using a calculation that takes into account your age, county, current interest rates, and the total value of your property. The amount of money you can get from a Reverse Mortgage must be more than what you owe on your home.

To find out your Reverse Mortgage loan amount, go here:
http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

Yes. If the calculated new Reverse Mortgage is not sufficient to pay off your existing mortgage completely, you will need to bring the difference to closing.

If this is the case, you will need to consider carefully using cash reserves for this-- there are surely pros- and - cons to this decision.

Hi Yellowrock,My name is Frank Martorana and I manage a reverse mortgage company. Yes you can owe as much as 90% on your home. But your age plays a big part in the amount that you qualify for.