Posted on: 12th Sep, 2013 12:23 am
Hello everyone... My parents are now retirement and owe $54k on their home. They now want to take out a reverse mortgage. Will they need to have a minimum equity in order get the loan?
It is easier to get a reverse mortgage if the property is free and clear. But again, you should speak to a local reverse mortgage lender and take his opinion in this regard.
Hi Tuna,
I agree with what Niicss has said. However, your parents may take out a reverse mortgage even though they have a mortgage on it but once they get the reverse loan proceeds, they will have to pay off the existing loan in full.
Thanks
I agree with what Niicss has said. However, your parents may take out a reverse mortgage even though they have a mortgage on it but once they get the reverse loan proceeds, they will have to pay off the existing loan in full.
Thanks