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QUESTION:
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home equity loan |
| My mothers home is paid off and valued at 115,000 and she went an got a home equity loan she owes 86,000 could that loan be switched to a reverse mortgage |
 | asked by littlemac782, 6/1/2008 |
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Categories:
Debt and Mortgages, Reverse Mortgage
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| ANSWERS: |
| Answered by: Editorial, 06/04/08
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I don't think that the loan could be "switched."
However, she may be eligible for a Reverse Mortgage which could be used to pay off the home equity loan.
To speak with a prequalified reverse mortgage lender, follow this link:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx Login to rate this answer: |
| Answered by: Raymond Denton, 10/16/11
Overall Rating: Be the first to rate it. |
No, it can't be switched. The Reverse Mortgage is a separate transaction, and would need to pay off the existing line of credit first. Login to rate this answer: |
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