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If you have not paid off your first mortgage, you must be able to pay it off using reverse mortgage funds to qualify. Thus, if your home is worth enough, you may qualify for a reverse mortgage even if you do not have full equity in the home or even any equity.
But you are eligible to get a new reverse mortgage on a new property even if you already had one at your old home if you pay off your first reverse mortgage without a loss on the first loan. You cannot have two reverse mortgages at the same time.
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Even though this is a government regulated and backed product, homeowners still need to shop around and get advice. it did in the past. reverse mortgages deserve a second look because, when used.
Reverse Mortgage Eligibility. The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.
basically a reverse mortgage is selling your house to a bank or company they are making payments while you still live in your house and when you move out or die they own the house getting a second.
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Second: A reverse mortgage lets you use your home as a semi-liquid investment. The older you are, the higher the value of the home and the less you owe on it, the more money you can get. While.
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Or a reverse mortgage can be a way to get out of a large mortgage you can’t afford, says Linda Sands, branch manager at Luxury Mortgage Corp. in Long Island, N.Y. One of Sands’ clients is a couple — the husband is 80 and the wife is 78 — who bought a home for $1.2 million and want to sell it because they can’t afford it anymore.
So, you can not have a Reverse Mortgage on two homes at one time. But, if you are interested in using your Reverse Mortgage loan amount to purchase a second home, that is indeed possible. assuming you can get the proper financing, etc.