Posted on: 28th Feb, 2010 07:33 am
Does age affect how much equity is needed to obtain a reverse mortgage?
Also, can you explain how a reverse mortgage works when it is applied to monthly mortgage payments? Thank you.
Also, can you explain how a reverse mortgage works when it is applied to monthly mortgage payments? Thank you.
The older you are, the more $ you're eligible for but, you will need equity in your home. One of the mentor's on this forum should be able to help you. i'm not an expert in reverse mortgages. Try Raymond Denton. He's extremely knowledgeable.
Thanks Ted.
Homeowners need at least 50% equity. If they don't have enough equity, they can contribute money in place of equity, to enable the Reverse Mortgage to work.
The older you are the less equity you need.
Homeowners need at least 50% equity. If they don't have enough equity, they can contribute money in place of equity, to enable the Reverse Mortgage to work.
The older you are the less equity you need.
