Posted on: 20th Apr, 2009 03:41 am
if i have a reverse mortgage can i take a second loan on my home
Hi
As far as I'm aware of, you cannot take out a second loan on the property unless you pay off the reverse mortgage.
As far as I'm aware of, you cannot take out a second loan on the property unless you pay off the reverse mortgage.
Hi vonnie1099 ,
Welcome to our forum.
I would like to tell you that, Can you explain that which is you county ?
Its mostly depend on your location, because country viz method to handle this case changing.
IF you from USA ( United States of America ) so you can get second loan on this home if your credit score & other financial reputation meets to the loan provider companies requirement. If it not meet they cannot give second loan because you are already taken loan on this home.
I also agree with savior70, he is right they can't pay you second loan you need to pay first reversed mortgage.
I hope you will satisfied by my answer.
Thanks & regards,
Gunz.ijjistaff
Welcome to our forum.
I would like to tell you that, Can you explain that which is you county ?
Its mostly depend on your location, because country viz method to handle this case changing.
IF you from USA ( United States of America ) so you can get second loan on this home if your credit score & other financial reputation meets to the loan provider companies requirement. If it not meet they cannot give second loan because you are already taken loan on this home.
I also agree with savior70, he is right they can't pay you second loan you need to pay first reversed mortgage.
I hope you will satisfied by my answer.
Thanks & regards,
Gunz.ijjistaff
