Posted on: 02nd Sep, 2010 08:37 am
I have a reverse mortgage with a balance of approximately $400,000 on a property with sales value estimated at a little over a million dollars. With current low conventional mortgage rates, I wonder if I would be wise to consider- if it is permitted- to take a conventional mortgage to pay off the reverse mortgage- and if so how much would the monthly payments probably be.
hi robowler,
you can take out a conventional mortgage and refinance the existing reverse mortgage. the monthly payments would depend upon the loan amount as well as the interest rate you will be paying. you can use the given calculator in order to calculate your monthly payments:
http://www.mortgagefit.com/calculators/simple.html
thanks
you can take out a conventional mortgage and refinance the existing reverse mortgage. the monthly payments would depend upon the loan amount as well as the interest rate you will be paying. you can use the given calculator in order to calculate your monthly payments:
http://www.mortgagefit.com/calculators/simple.html
thanks