Posted on: 01st Jan, 2014 01:34 am
Will I be able to qualify for a reverse mortgage with 45% equity on the property?
Hi Guest,
As you have equity in the property, you will be able to qualify for a reverse mortgage. However, you should be 62 years old or more of age.
Thanks,
Jerry
As you have equity in the property, you will be able to qualify for a reverse mortgage. However, you should be 62 years old or more of age.
Thanks,
Jerry
Yes reverse mortgages with as little as 20% equity in the property are available. Keep in mind that lenders look at the property, the location, and the age of the borrowers in addition to the equity.
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Yes, you will be able to qualify for a reverse mortgage since you have 45% equity on your property. Apart from this, you must be at least 62 years old if you want to take out reverse mortgage.
How old are you - 45% equity is a great position but if you are just turning 62 it may or may not be enough - the older you are the less equity is required - I believe you will be ok but the only way to know is to consult with a lender and have them plug your numbers into the system - it doesnt take long to know if you are ok
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
