Posted on: 25th Feb, 2009 03:33 pm
I have a balloon payment coming due on a trust deed. Instead of refinancing, can I take out a reverse mortgage but continue to make payments as possible? I can not find any information about whether one is permitted to make payments against the reverse mortgage, short of actually paying it off.
Hi rcuellar!
Welcome to forums!
You will have to pay off the existing mortgage before you take the reverse mortgage. You can even pay off the mortgage immediately after getting the reverse mortgage. But, as far as I know, you will not be able to make payments by taking a reverse mortgage.
To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You will have to pay off the existing mortgage before you take the reverse mortgage. You can even pay off the mortgage immediately after getting the reverse mortgage. But, as far as I know, you will not be able to make payments by taking a reverse mortgage.
To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
Feel free to ask if you have further queries.
Sussane