Posted on: 09th Apr, 2009 02:16 pm
what if you owe a balance on your mortgage but you have high equity? Can you still get a reverse mortgage if one of you is only 60 years old?
Hi joycehowland,
If you have high equity in the property you can go for a reverse mortgage. But if you already have an outstanding balance on it, you have to pay it off first and then take a reverse mortgage on the property or you can also pay it off as soon as you get the money from reverse mortgage. But as far as I know, you have to be at least 62 years of age to qualify for a reverse mortgage.
If you have high equity in the property you can go for a reverse mortgage. But if you already have an outstanding balance on it, you have to pay it off first and then take a reverse mortgage on the property or you can also pay it off as soon as you get the money from reverse mortgage. But as far as I know, you have to be at least 62 years of age to qualify for a reverse mortgage.