How much equity does someone have to have in their home in order to qualify for a reverse mortgage? - reverse mortgage line of credit
Old member of my family owns a house (off year) to be paid, but it now has a line of credit against the house of 100K. I fear that this member of my family is strapped for cash and that a reverse mortgage in the next year or two, as the health of the workers they need at home. I assume that the value of the house from 275K to 300K now. Does anybody know if a reverse mortgage might be for her?
Tuesday, December 29, 2009
Reverse Mortgage Line Of Credit How Much Equity Does Someone Have To Have In Their Home In Order To Qualify For A Reverse Mortgage?
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2 comments:
I would say a reverse mortgage would be good for her if she wants to get rid of her monthly payment or cashout additional equity with no monthly payments.
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