I owe more on my mortgage than my condo is worth. Could I still be eligible for a reverse mortgage?

ejames5068 · Joined: 28 Aug 2008 Posts: 2 1.45 Dollars($)

I owe more on my condo than what it is worth. Could I be eligible for a reverse mortgage?

laphillips

In a word yes. Reverse Mortgages are not concerned with credit scores, debts, etc. so much as the value of the home. Another of the benefits of a reverse mortgage is solving foreclosure situations also.

To learn more regarding Reverse Mortgages go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm there are links located on this HUD site that can lead you to more information including publications.

ejames5068 · Joined: 28 Aug 2008 Posts: 2 1.45 Dollars($)

thank you for your response. So far I don't have any foreclosure issues.

brian1 · Posted: Thu Aug 28, 2008 4:39 pm Post subject:

I think Lynette misread
There is no way that you wll qualify for a reverse mortgage if you are upside down in your home.
A reverse mortgage makes payments out of the equity on the home. You have no equity you have no reverse mortgage.
Your ONLY hope is to negotiate with the lender.

Brian

laphillips

Thanks Brian, I did 'misread'...or more likely read it too fast.

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