Posted on: 01st May, 2011 02:04 pm
We have received information for New DAy REverse mortgage trying to sell us a reverse mortgage. We owe 111.000 on our present mortgage. How can we be eligible for a reverse mortgage. We are 64 and 66, so we age qualify. Kathy Hutchinson
Welcome imkrazykathy,
Considering your age, you and your spouse qualify for a reverse mortgage. If you get a reverse mortgage, you'll have to pay off the present mortgage that you have on the property immediately.
Considering your age, you and your spouse qualify for a reverse mortgage. If you get a reverse mortgage, you'll have to pay off the present mortgage that you have on the property immediately.
What is the value of your home? That'll determine if a Reverse Mortgage works for you the way you'd like (or not). And the property type needs to be eligible - what type of property do you have?
