Can someone get a reverse mortgage if they already have a mortgage on their house?
If my house is worth $250,000 and I have a first and second mortgage that adds up to about $135,000 can I still qualify for a reverse mortgage? Does it depend on how much equity I have in the house or liens on the property? by gil_45 from Douglas, Arizona. Jun 24th 2011
Nick Heth (nickheth)
#25 ranked lender in Arizona - 4 contributions
Yes, it will depend on your age and value but you can refinance those two loans into the reverse mortgage
Geoffrey Tirabassi (geoffrey.tirabassi)
#67 ranked lender in New Jersey - 34 contributions
yes, you can certainly still qualify for a reverse mortgage based on your loan to value ratio of 54%. You should contact a loan profesional to go over the rest of the parameters. Good Luck
Ask our community a question.
Get an answer
Related Questions
