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Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.

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โˆ™ 2011-06-08 03:47:10
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Q: Can you qualify for a Reverse mortgage with balance owed on original mortgage?
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How do you qualify for a reverse mortgage?

To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.


Can you have a reverse mortgage on a condo?

The lender who will qualify you for a reverse mortgage can help you answer this question: there is no standard.


How old do you have to be to qualify for a reverse mortgage?

== Over 62 years.


Do you qualify for a reverse mortgage?

You must discuss that matter with your lender.


Reverse mortgage senior citizens?

A reverse mortgage is an additional loan taken out against the equity already paid into your home. To qualify for a reverse mortgage you must be aged 62 to older and occupy the home as your primary residence.


Can a single person qualify for a reverse mortgage?

Yes. Marital status does not matter.


What is a reverse mortgage broker?

A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.


What are the benefits of a reverse mortgage?

A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.


What reverse mortgage calculator is best?

A reverse mortgage is a nice financial instrument for the senior citizens in the country who do not have adequate retirement fund at their disposal and whose age is 62 or more. If you are curious about how much money you could qualify in a reverse mortgage feel free to check out our Reverse Mortgage Calculator in the related link. To know more information about reverse mortgage, see the related link.


Can you refinance a reverse mortgage without a job?

The primary requirements to qualify for a reverse mortgage are age, 62 or over, ownership of real estate and enough equity to entice a lender to approve a reverse mortgage. Having a job is not a requirement since many senior citizens on social security take advantage of reverse mortgages to supplement their income.Refinancing a reverse mortgage can be difficult, tricky and costly. You would need enough untapped equity to qualify for a new reverse mortgage and to pay off the existing reverse mortgage. The fees and costs would be expensive. In addition, lenders are not approving reverse mortgages at the former rates making them harder to obtain.


How does a reverse mortgage purchase work?

Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.


Who can qualify for a reverse mortgage?

Applicants for a reverse mortgage must be 62 years of age and a home owner. The home cannot be a trailer or cooperative house, and it must meet the U.S. Department of Housing and Urban Development standards.


How does the mortgage balance get paid when you get a reverse mortgage?

Senior homeowners in US who have a lot of equity in their homes can qualify for these loans. Rather than making monthly mortgage payments to the lender, the homeowners can use the equity in their home to receive monthly payments from the lender. The borrower does not have the responsibility of paying off the loan till the time he lives in his home or expires.


Does the Toronto Dominion Bank offer reverse mortgages?

Currantly the Toronto Dominion Bank offers a reverse mortgage. There are conditions and requirements before you can receive this type of mortgage so it is best you speak to the financial institution to see what is to offer and if you qualify.


How is Reverse Mortgage useful?

The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment. reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.


What if you file bankuptcy and have a reverse mortgage?

The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.


What kind of home is approved to be an FHA home?

In regards the the Reverse Mortgage, or Senior Reverse Mortgage, all you need to qualify is for the house to be appraised by a HUD / FHA approved appraiser. You are then eligible to receive a reverse mortgage, so long as you have enough equity in the home, and you are age 62 pr older. In many states, the Reverse Mortgage or HECM (Home Equity Conversion Mortgage) allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


Where could a person go to find pros and cons for reverse mortgages?

You can find out more about reverse mortgages by contacting a mortgage broker, or by visiting the library. However, here is a little bit of imformation I have found for you concerning "reverse mortgages". First off, you should know that you must be 62 years of age to qualify for a reverse mortgage. You also need to already own your home outright -- no more mortgage payments!


Can you qualify for a mortgage with a fico score of 567?

It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.


How can you get a reverse mortgage on your partial interest in the property?

You can only get a reverse mortgage on owner occupied property. All parties living in the home must be age 62 or older. investment homes - second homes - homes built before 1976 - do not qualify


Is is possible to qualify for a mortgage with bad credit?

There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.


What is reverse mortgage and how does it work?

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reverse mortgage may be an option worth considering. Eligibility is set by the Federal Government; The Federal Housing Authority FHA tells HECM lenders how much they can lend you, based on your age and your home's value. However, the up front costs and bank fees can be very high. The homeowner is responsible for maintenance, repairs, municipal fees, insurance and taxes.You qualify for a reverse mortgage if:You are over the age of 62.You live in the house as your primary residence.You own your house in full or are able to pay the balance on your home with the proceeds of the reverse mortgageIn many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.


Can you obtain a home equity loan on a family home that does not have a mortgage?

Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.


Do co-ops qualify for a reverse mortgage?

Generally, a reverse mortgage is based on owned equity in the real property.Your state or other locale laws and your bank can answer your particular question more precisely, depending on the location of the co-op and your relationship to owned equity in the property.


Can a mobile home be used in a reverse mortgage?

Yes, in very limited circumstances. If the land is completely paid for and has other permanent improvements, it may qualify. I've seen a 10 acre horse training facility in a resort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value in the guest cottage, barns and outbuildings to issue the reverse mortgage, it took an extremely capable mortgage broker to make it happen.