QUESTION:

clear ownership

i was told to qualify for a reverse mortgage,you have to have clear title to the property or that the motgage on the property is paid in full.is this true?do both owners of property have to be 62 years of age to qualify for reverse mortgage?
asked by bandlg, 1/30/2008
Categories: Spouses, Social Security, Financial Planning for Retirement, Mortgages, Supplemental Medical Insurance, Jobs for Retirees, Debt Consolidation, Debt and Mortgages, Life Insurance, Prescription Drug Coverage, Health and Health Care, Medicare, Reducing Retirement Expenses
ANSWERS:
Answered by: SilverSurfer, 01/31/08
Overall Rating:

Hi Bandlg,

You can get a reverse mortgage on your house when you have an existing mortgage depending on your LTV (Loan to Value) ratio. If you LTV is low enough, then the initial proceeds from a Reverse Mortgage are used to pay off the existing mortgage and then any remaining funds are available to you to use as you see fit.

Some people choose to get a reverse mortgage, even if there are no funds remaining after closing out their existing mortgage - they do this so that they can get rid of their current monthly mortgage payment and improve their monthly cash flow situation.

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Answered by: Tamera, 04/08/08
Overall Rating: Be the first to rate it.

Both owners must be 62 years old.Tamera FieldReverse Mortgage SpecialistFinancial Freedom

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