QUESTION:

reversed mortage

yes my equity in my home pays for my insurance on my house.can i still get a reversed mortage?
asked by patricia, 5/18/2011
Categories: Reverse Mortgages
ANSWERS:
Answered by: NewRetirement Editor San Franscisco, 05/19/11
Overall Rating: Be the first to rate it.

Hi Patricia,

Getting an RM depends on how old you are and how much equity you have in your house to see if you will qualify. During the application process you'll also talk with a counselor who will talk with you about how you plan to pay for taxes and insurance.

You can use our reverse mortgage calculator below and then talk to a licensed professional by submitting an inquiry if you want.

https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

Good luck!

Login to rate this answer: 1 Star2 Stars3 Stars4 Stars5 Stars
Answered by: James Dale, 11/19/11
Overall Rating: Be the first to rate it.

Also, to go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. I hope it helps!

Login to rate this answer: 1 Star2 Stars3 Stars4 Stars5 Stars

 
    Post a New Retirement Topic or Question