Posted on: 30th Mar, 2010 08:06 pm
I inherited a house that has a reverse mortgage. How can I keep the house and repay the reverse mortgage when I am on social sec. disability? :(
the lender will want you to refinance the reverse mortgage into a normal conventional loan and then pay off the dues. if you do not do so, the lender may sell off the property in order to recover his dues.
Can I be approved for refinancing a reverse mortgage into a conventional loan while on social security disability???
As far as I know, with a social security income, you would be able to qualify for a loan. However, you should meet the other criteria of the lenders in order to refinance the reverse mortgage into a conventional loan.