Posted on: 30th Aug, 2013 12:34 am
We have a reverse mortgage. Now we have paid a part of it to reduce the balance. In this situation, can we get some more money from the bank? Do I need to sign a lot of paperwork?
Hi Boomer,
Well, this is something which your lender will be able to clarify. You should read through your reverse mortgage docs in order to find out if such a clause is mentioned in it.
Thanks,
Jerry
Well, this is something which your lender will be able to clarify. You should read through your reverse mortgage docs in order to find out if such a clause is mentioned in it.
Thanks,
Jerry
Hi Boomer,
Well as far as I know reverse mortgage is not similar to that of a revolving credit. Thus, if you wish to get more money from it, you will have to refinance the mortgage.
Thanks
Well as far as I know reverse mortgage is not similar to that of a revolving credit. Thus, if you wish to get more money from it, you will have to refinance the mortgage.
Thanks