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cjm536 · Joined: 07 Oct 2009 Posts: 1 1.32 Dollars($)

I already took out a reverse mortgage and need more to pay off my credit cards. Can I take out more equity in my house.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

cjm536

Welcome to mortgagefit,

I think right person to answer this question is your bank manager from where you have taken reverse mortgage.As he wil be analysing the risk ratios and all that stuff...

keep in touch.....

gmakerley · Posted: Wed Oct 07, 2009 11:46 am Post subject:

in all likelihood, you'll probably have already been maxed out with the reverse mortgage. what you need to keep in mind that is critical is the following: if you were to get a new loan, you'd probably run into all the closing costs you already paid - once again. that is going to eat up the remaining equity you have, if any.

your best bet may be to negotiate as best you are able with the credit card companies to whom you owe money.

Guest

my brother took out a rev. mort. 10 years ago for over $250,000. He had been withdrawing $10,000 a year. Would this be an automatic withdrawal or would he have to request it each year? He died this year and his wife doesn't know what or how to request this yearly amount. B of A was no help in supplying info. Please reply fast as she is running out of money.

sara · Posted: Wed Oct 06, 2010 2:36 am Post subject:

Hi sheldon,

As the reverse mortgage was in your brother's name, the lender will stop the mortgage payments after his death. If his wife is 62 years old, then she will have to refinance the mortgage in her name in order to receive the loan. If she is not 62 years old, then she will either have to refinance it into a conventional loan and pay off the mortgage or the lender will sell off the property to recover his payments.

Take care

gmakerley · Posted: Thu Oct 07, 2010 1:16 pm Post subject:

Agreed...unless your brother's widow is a party to the loan, she won't be able to obtain any information from the lender.

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Can you take more money out of my reverse mortgage account then I already have