Posted on: 02nd Dec, 2010 12:05 pm
I have 2 million in equity , no income or job. Lots of bills , no cash and need money . Have the house up for sale but not sold yet. I want cash to hold me over till house sells. Like $ 200,000 .under 62 years old . What are my options.
welcome dtwf,
you can apply for a reverse mortgage as you're 62 years of age. this will help you in cashing out the equity that you have in the property. moreover, you won't have to sell off the property even. you will be able to stay in the property until death and receive the reverse mortgage payments. after your death, your heirs can either refinance the loan or the lender can sell off the property to recover his dues.
to know more on reverse mortgage, check out the given page:
http://www.mortgagefit.com/reverse.html
you can apply for a reverse mortgage as you're 62 years of age. this will help you in cashing out the equity that you have in the property. moreover, you won't have to sell off the property even. you will be able to stay in the property until death and receive the reverse mortgage payments. after your death, your heirs can either refinance the loan or the lender can sell off the property to recover his dues.
to know more on reverse mortgage, check out the given page:
http://www.mortgagefit.com/reverse.html