WHAT IF YOU STILL OWE ON YOUR HOME

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WHAT IF YOU STILL OWE ON YOUR HOME

Post  Ralph J on Thu Feb 07, 2008 10:22 am

What if you still owe on your home. Does that disqualify you for a reverse mortgage loan.

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Re: WHAT IF YOU STILL OWE ON YOUR HOME

Post  Sun Shine on Thu Feb 07, 2008 11:10 am

I owed on my home and they deducted that from what I could borrow. So I could only borrow the equity in my home which was the amount that was clearly mine if I sold it today. But I did not get the full amount there were other payments.

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Re: WHAT IF YOU STILL OWE ON YOUR HOME

Post  Lizzy B on Thu Feb 07, 2008 12:30 pm

If you have a low mortgage balance it can be paid off at the closing with proceeds from the reverse loan.

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Re: WHAT IF YOU STILL OWE ON YOUR HOME

Post  Linn F on Fri Feb 08, 2008 12:29 pm

Depends on how much you owe on your home. If you owe to much I don't think the loan will go through in the 1st place. But if it does go through they'll pay that loan off and charge that on top of what you are borrowing.

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Re: WHAT IF YOU STILL OWE ON YOUR HOME

Post  Lizzy B on Fri Feb 08, 2008 12:38 pm

If this is what you want to do you'll just need to fill out the paperwork and see what happens. Good luck whichever way you go.

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Re: WHAT IF YOU STILL OWE ON YOUR HOME

Post  Walter Cabe on Fri Feb 08, 2008 4:00 pm

Depends on how much you owe on your home and what your home is worth.

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