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Pay off exisiting loan?

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stan Joined: 22 Oct 2009 Posts: 1 1.28 Dollars($)	Posted: Thu Oct 22, 2009 3:05 pm    Post subject: Pay off exisiting loan? My parents live in a home worth approximately 750,000 and the owe close to 300k...they would love to pay off what they owe and get back some money to help with expenses. Can you pay off an existing load with a Reverese mortgage and what % of the home value will they lend to you? Maybe up to 50%??
chrisburns Community Experts Joined: 13 Nov 2007 Posts: 372 Location: Florida 64.35 Dollars($)	Posted: Thu Oct 22, 2009 3:28 pm    Post subject: Hey Stan welcome to the forums. They can refinance with a Reverse mortgage for sure. The loan amount scales depending on the age. How old are they? _________________ Chris Burns Five Stars Mortgage, LLC Office: 800-871-2636 ext. 200 Cell: 407-456-3697 Florida Mortgage Five Stars Mortgage On Facebook

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