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Asked by someone from CA on 2/9/2015
Tricia Drago
Tricia Drago,  says
Reverse Mortgages are first position liens. Depending on the value of your home, a potential lender might be willing to take a second position in order to extend you an equity loan but it may be unlikely. If your home has greatly increased in value, as many homes in California have since 2012, you might be eligible to refinance your Reverse ... (Read More)
Asked by a 68 year old woman from IL on 2/6/2015
Tricia Drago
Tricia Drago,  says
First I am sorry to hear of your loss. Sounds like you are doing the right thing by exploring your options while you still have equity left. Although I cannot provide you advice on how to proceed I can give you a suggestion for a possible solution. If you feel comfortable with selling your home, you may want to look into a Reverse Mortgage for ... (Read More)
Asked by a 56 year old man from FL on 2/3/2015
Steve Chen
Steve Chen,  says
You can use this tool to get an estimate: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx You should research if your property type qualifies though. (Read More)
Asked by a 63 year old man from MD on 2/6/2015
Steve Chen
Steve Chen,  says
It depends on your situation. Your basic options are: 1) Save it - ex. if you don't have a six month emergency cash cushion you might want to create one. 2) Pay down debt - if the the interest on your debt is higher than you are likely to make investing then this can be a good option 3) Invest it - if you have a long time horizon and are ... (Read More)
Asked by someone from IL on 2/11/2015
Steve Chen
Steve Chen,  says
You can only take out a reverse mortgage on your primary residence http://www.newretirement.com/Services/Reverse-Mortgage-Definitions.aspx (Read More)
Asked by someone from OH on 2/11/2015
Steve Chen
Steve Chen,  says
Good points. Some people with significant savings are still considering setting up a HECM with a line of credit which grows over time and hedges their home equity in the event that property value decline. You can read more about this here: ... (Read More)

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