Posted on: 13th Sep, 2006 11:30 pm
I need the reverse mtg in order to upgrade my home. Can the Reverse Mtg money be used to bring it up to compliance? I was forced to retire due to a disability; am now on limited income, with the same debts. I'd like to pay off my debts and upgrade my older home, in a rural area. It's paid off, but needs to be modernized, completely. It was a good deal at the time, but my circumstances changed, making it impossible for me to do the improvements myself. (Hand injury)
Yes, you can take a reverse mortgage to improve your home. But you need to pay your debts as soon as you get the loan.
Derick
Derick
Hi Artogo,
I can understand what you are going through. Hope you recover soon and lead a normal life.
Since you own your home, you can go for a reverse mortgage. But you should be 62 years old or above.
For all other details on this loan, refer to our section on Reverse Mortgage
Thanks,
Caron.
I can understand what you are going through. Hope you recover soon and lead a normal life.
Since you own your home, you can go for a reverse mortgage. But you should be 62 years old or above.
For all other details on this loan, refer to our section on Reverse Mortgage
Thanks,
Caron.