Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Fresno Reverse Mortgage Myth #2 - I have to own my home free & clear to get a reverse mortgage.
You don't have to own your home free and clear in order to qualify for a reverse mortgage. In fact, most reverse mortgages are used primarily to payoff the existing home loan. Using a reverse mortgage to payoff the existing loan enables the homeowner to have some financial breathing room by eliminating the monthly mortgage payment.
If you take a look at the NRMLA (National Reverse Mortgage Lenders Association) consumer information website you can find answers to many common questions about reverse mortgages.   Here's what they have to say about having an existing mortgage:
(Excerpt from www.reversemortgage.org)
"What If I Have An Existing Mortgage?
You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend.


For example, let's say you owe $100,000 on an existing mortgage. Based on your age, home value, and interest rates, you qualify for $125,000 under the reverse mortgage program. Under this scenario, you will be ... more

__________________________________________________
Are you on The Rain? Grow Your Network!