Posted on: 22nd Oct, 2009 03:05 pm
My parents live in a home worth approximately 750,000 and the owe close to 300k...they would love to pay off what they owe and get back some money to help with expenses. Can you pay off an existing load with a Reverese mortgage and what % of the home value will they lend to you? Maybe up to 50%??
hey stan welcome to the forums.
they can refinance with a reverse mortgage for sure. the loan amount scales depending on the age. how old are they?
they can refinance with a reverse mortgage for sure. the loan amount scales depending on the age. how old are they?