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Can you qualify for a Reverse mortgage with balance owed on original mortgage?

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2011-06-08 03:47:10
2011-06-08 03:47:10

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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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.


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


You must discuss that matter with your lender.


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.


Yes. Marital status does not matter.


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.


Can you refinance 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.


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.


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.


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.


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.


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.


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.


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


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.


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!


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.


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.


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.


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.


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.


Age is factored into the equation through life expectancy tables. Meaning the older the borrower is, the more money they are going to qualify for starting from the youngest age eligible of 62 going all the way up to a 100 year cap for the table.This Reverse Mortgage Calculator will estimate the money you will receive from a Reverse Mortgage. In order to receive benefits from a Reverse Mortgage both the borrower and the co-borrower need to be at least 62 years of age. A Reverse Mortgage can be a powerful financial tool for seniors and if used correctly it can enhance a senior's retirement.


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.


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.



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