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reverse morgage process

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twenty Guest 0.10 Dollars($)	Posted: Wed Jul 04, 2007 1:28 pm    Post subject: reverse morgage process what debts quilifiy that have to be paid off, to get the reverse morgage loan _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
twenty Guest 0.10 Dollars($)	Posted: Wed Jul 04, 2007 1:31 pm    Post subject: can we already rent a property or rent to own a property to qualify for the loan
miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Wed Jul 04, 2007 1:35 pm    Post subject: Twenty, if there are any debts/previous mortgage on the house then it will have to be paid off before taking a reverse mortgage. It is also possible that the previous debts are paid off from the cash obtained from reverse mortgage Miller
Niicss Joined: 03 Oct 2005 Posts: 1286 Location: New Jersey 192.82 Dollars($)	Posted: Wed Jul 04, 2007 1:50 pm    Post subject: Quote: can we already rent a property or rent to own a property to qualify for the loan You need to be the owner of the property to qualify for reverse mortgage. In a rent to own the ownership is still with the original owner and hence you will not be able to qualify for the loan. _________________ Good is the Enemy of Great.
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Wed Jul 04, 2007 9:11 pm    Post subject: RE: Hi Twenty, A reverse mortgage is a home equity loan specially meant for the senior citizens, of 62 years or above. So first make sure that you have attained that age. To qualify for such mortgage you need to be the owner of the property. And if you rent a property, the ownership is not in your name as said by Niicss. You must pay off all your previous debts to avail the reverse mortgage.
jenkin7 Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)	Posted: Wed Jul 04, 2007 11:10 pm    Post subject: Quote: What debts qualify that have to be paid off, to get the reverse mortgage loan Hello Twenty, Before you plan to go for a reverse mortgage loan, you may be required to firstly pay off the debts that you took earlier. You may also repay your lender with help of the cash that you would obtain from the reverse mortgage loan. It is also possible for lenders inclusive of the state or local government agencies who allow you to pay back the earlier loan after you pay off the reverse mortgage when it is essential.

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