Posted on: 28th Aug, 2008 11:42 am
I owe more on my condo than what it is worth. Could I be eligible for a reverse mortgage?
In a word yes. Reverse Mortgages are not concerned with credit scores, debts, etc. so much as the value of the home. Another of the benefits of a reverse mortgage is solving foreclosure situations also.
To learn more regarding Reverse Mortgages go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm there are links located on this HUD site that can lead you to more information including publications.
To learn more regarding Reverse Mortgages go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm there are links located on this HUD site that can lead you to more information including publications.
thank you for your response. So far I don't have any foreclosure issues.
I think Lynette misread
There is no way that you wll qualify for a reverse mortgage if you are upside down in your home.
A reverse mortgage makes payments out of the equity on the home. You have no equity you have no reverse mortgage.
Your ONLY hope is to negotiate with the lender.
Brian
There is no way that you wll qualify for a reverse mortgage if you are upside down in your home.
A reverse mortgage makes payments out of the equity on the home. You have no equity you have no reverse mortgage.
Your ONLY hope is to negotiate with the lender.
Brian
Thanks Brian, I did 'misread'...or more likely read it too fast.