Posted on: 30th Jan, 2010 03:01 pm
I have paid off the first loan and have an outstanding 2nd loan on the home. Can I qualify for a reverse mortage on the second loan?
hi,
you can get a reverse mortgage even though there's a second mortgage on the property. in that case, you will have to pay off the loan as soon as you get the reverse mortgage. besides, you will have to use the property as your primary residence and you have to 62 years or older to qualify for the reverse mortgage.
you can get a reverse mortgage even though there's a second mortgage on the property. in that case, you will have to pay off the loan as soon as you get the reverse mortgage. besides, you will have to use the property as your primary residence and you have to 62 years or older to qualify for the reverse mortgage.
i agree - you'll simply have to repay the loan in full when you close on your reverse mortgage.
