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Question on mortgage or home equity loan on my property


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Is a Reverse Mortgage always the Best Option?  

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  • 2 weeks later...

I currently have a mortgage or home equity loan on my property? Can I still get a reverse mortgage?

 

It depends on how much equity you have in your property.  

 

Years ago as a LO, the main requirements for a reverse mortgage was 62 or older, plus the LTV score 50% or lower.  Spoke to many people about them, though I never sold one.  

 

Also discussed with many children after a death of a patent that had a reverse mortgage.

 

If you have family, do not recommend reverse mortgages because it is a nightmare for your siblings to save your home.

 

My $00.02

 

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