can you pay off a reverse mortgage

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A: You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend.

See Also: Tighter Rules on Reverse Mortgages. If one spouse has died but the surviving spouse is listed as a borrower on the reverse mortgage, he or she can continue to live in the home, and the terms of the loan do not change. At the death of the last borrower, though, adult children and other nonspouse heirs must pay off the loan.

reverse mortgage pros and Cons Pros of Reverse Mortgages. Provides flexible disbursement options (i.e. monthly or line of credit) Homeowner stays in the home without making monthly mortgage payments*; Eliminate any existing mortgage

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In order to keep it we would need to pay off the reverse mortgage that was taken out.. What you can borrow will be a function of your current financial position.

current line of credit interest rates Repaying a personal loan usually takes place over a fixed period of time at a fixed interest rate. If you are trying to manage a purchase and you aren’t quite clear on the overall scope of costs, then.

If none of them can provide the liquidity or large up-front sum you need, you’re probably better off avoiding this complicated loan. possession of the house have the opportunity to pay the reverse.

If you've paid your home off – or if you nearly have – there may be several good reasons why you don't want to leave all that equity tied up in a.

At that time, the home can be sold to cover the debt — or your heirs can pay it off and keep the property. Reverse mortgage pros Why would you get a reverse mortgage? primarily for money. A reverse.

If you have a co-borrower, your co-borrower can continue living in the home – and the loan will not become due – even if you die or move out of the home. A reverse mortgage loan also becomes due if you stop paying your property taxes or homeowner’s insurance, or fail to maintain the property in good repair.