• Question
  • Still owe on home loan -- can i qualify for a reverse mortgage?

    Asked on 3/26/2008

    Can we still get a RM if are home is not fully paid off?

  •  
  • Categories: Reverse Mortgages, Qualifying

Answers

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  • 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

  • Login to rate this answer:   Answered on 3/26/2008
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  • 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.

  • Login to rate this answer:   Answered on 4/22/2008
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  • 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.

  • Login to rate this answer:   Answered on 4/29/2008
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  • factors that will determine how much you will be able to borrow against the home how much you currently owe on the mortgage ? how much you believe the home can appraise for ? you age or the youngest borrower age? the more equity you have and the older you are then the more equity you will be able to tap into

  • Login to rate this answer:   Answered on 10/2/2011
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.