Posted on: 03rd Dec, 2010 02:22 pm
I am in the process of obtaining a reverse mortgage. After this is funded, how is it treated on future credit apps...i.e if I apply for a car loan, do I list it as a debt? It is going to be paid as a lump sum payout. Thank you.
Hi Guest,
Though you have a reverse mortgage, you will be able to apply for a car loan. As far as I know, you'll have to mention the reverse mortgage as your debt when you take out another loan.
Thanks
Though you have a reverse mortgage, you will be able to apply for a car loan. As far as I know, you'll have to mention the reverse mortgage as your debt when you take out another loan.
Thanks