Myth - I can not get a Reverse Mortgage if I have a loan on the property - Many Reverse Mortgages being done today are being used to payoff an existing loan, leaving the borrower(s) with a mortgage with no monthly payments. As the Reverse Mortgage will generally not be much higher than 60-75% of the property's value, the size of the loan being paid off could be a challenge. The Reverse Mortgage goes in first position and there can not be any mortgage liens behind it...
Helping Senior homeowners to stay at home and maintain a good quality of life
No comments:
Post a Comment