Is a Debt Consolidation Loan possible with a Reverse Mortgage already in place?
They are not related to each other in any way unless you are trying to secure your new loan with your home – which might not be possible.
Do you have to show income for a reverse mortgage?
Just wondering about income qualifications are?
No income, you have to show that you have equity in your home.
Is Interest accrued on a reverse mortgage tax deductable?
Not until the reverse mortgage is paid off. I’ve included a link that helps explain a reverse mortgage.
How can I get out of a reverse mortgage????
Too late realized mistake of reverse mortage
You would not only need to pay off the amount you collected, there will prob be interest, closing costs, and maybe a penalty. Contact lender for your options.
Any in for or advice for seniors on one fixed income needing a reverse mortgage or loan modifier.state CA?
Recently widowed senior of 56 years living in home with an adjustable loan at 7% interest and owing more than home is worth.
In order to qualify for a reverse mortgage you must be al least 62 and have substantial equity in your personal residence.
If you have further questions AARP is a good (and free) source.
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