Your Questions About Reverse Mortgage

Mark asks…

Is a Debt Consolidation Loan possible with a Reverse Mortgage already in place?

admin answers:

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.

Helen asks…

Do you have to show income for a reverse mortgage?

Just wondering about income qualifications are?

admin answers:

No income, you have to show that you have equity in your home.

Steven asks…

Is Interest accrued on a reverse mortgage tax deductable?

admin answers:

Not until the reverse mortgage is paid off. I’ve included a link that helps explain a reverse mortgage.

Donald asks…

How can I get out of a reverse mortgage????

Too late realized mistake of reverse mortage

admin answers:

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.

Michael asks…

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.

admin answers:

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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