I own my home valued at $174,000, i need a line of credit for $50,000
I own my home valued at $174,000, i need a line of credit for $50,000
My social security is only $1100 per month. I have $42,000 in parkland securities and $26,000 in checking account. But I am going to run out of these funds soon and would like to see if I could get a loan when I need it. My credit score is 709,due to a credit card Iwas late on. I plan to pay off credit cards soon owe app. $2800. I am 73 years old. what can I do and what would be best for me. Ihave had the home completely remolded,new roof,a/c, paint .Paid for it all.
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Hi Carol
You sound like a perfect candidate for a reverse mortgage -
It is only for folks over 62 and you must own or have a large portion of your home paid off
There is a formula that looks at your age and the value of your home etc - they will offer you a line of credit or calculate out a monthly payment and send you a check every month -
Your estate would then settle with the bank by selling or paying off the amount you owe based on how much you used -
Good Luck
Brian Barnes
Nationwide Mortgages
Brian@AimWithfocus.com