Posted on: 04th Jul, 2007 01:28 pm
what debts quilifiy that have to be paid off, to get the reverse morgage loan
can we already rent a property or rent to own a property to qualify for the loan
Twenty, if there are any debts/previous mortgage on the house then it will have to be paid off before taking a reverse mortgage.
It is also possible that the previous debts are paid off from the cash obtained from reverse mortgage
Miller
It is also possible that the previous debts are paid off from the cash obtained from reverse mortgage
Miller
"can we already rent a property or rent to own a property to qualify for the loan"
You need to be the owner of the property to qualify for reverse mortgage. In a rent to own the ownership is still with the original owner and hence you will not be able to qualify for the loan.
You need to be the owner of the property to qualify for reverse mortgage. In a rent to own the ownership is still with the original owner and hence you will not be able to qualify for the loan.
hi twenty,
a reverse mortgage is a home equity loan specially meant for the senior citizens, of 62 years or above. so first make sure that you have attained that age. to qualify for such mortgage you need to be the owner of the property. and if you rent a property, the ownership is not in your name as said by niicss. you must pay off all your previous debts to avail the reverse mortgage.
a reverse mortgage is a home equity loan specially meant for the senior citizens, of 62 years or above. so first make sure that you have attained that age. to qualify for such mortgage you need to be the owner of the property. and if you rent a property, the ownership is not in your name as said by niicss. you must pay off all your previous debts to avail the reverse mortgage.
"What debts qualify that have to be paid off, to get the reverse mortgage loan" Hello Twenty,
Before you plan to go for a reverse mortgage loan, you may be required to firstly pay off the debts that you took earlier. You may also repay your lender with help of the cash that you would obtain from the reverse mortgage loan. It is also possible for lenders inclusive of the state or local government agencies who allow you to pay back the earlier loan after you pay off the reverse mortgage when it is essential.
Before you plan to go for a reverse mortgage loan, you may be required to firstly pay off the debts that you took earlier. You may also repay your lender with help of the cash that you would obtain from the reverse mortgage loan. It is also possible for lenders inclusive of the state or local government agencies who allow you to pay back the earlier loan after you pay off the reverse mortgage when it is essential.