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Can you get a reverse mortgage if you are upside-down in your mortgage? I no longer have any equity because of the market.

by gwenvalrie from Detroit, Michigan. Aug 1st 2010 Reply


Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

Sorry, Gwen, you can't. Because income, assets and credit scores are not a factor in reverse mortgages, all the consideration is given to your age, occupancy status and current equity position. You may consider talking your current loan servicer, though, if making a monthly payment has become an concern.

Aug 1st 2010
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

Reverse mortgages require low loan to values. Regardless of age. Happy funding, Rudi

Aug 2nd 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

No.

Aug 1st 2010
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