Our home is not paid off, can we still get a Reverse Mortgage?
Question: I'm wondering if you can help me. I'm 66 and my wife is 64 years old. We are interested in a Reverse Mortgage but don't know if we can get one because our home is not completely paid off. Can we get a Reverse Mortgage if our home is not paid off, and if we can, how much can we get?
Answer: This is an excellent question and I'm glad you asked.
First, I see that you are both at least 62 years old, which is a requirement, so we're good there.
Second, your house does not need to be paid off to qualify for a Reverse Mortgage, but it is a popular myth! However, with a Reverse Mortgage, you are tapping into the equity of your home. Because of that, a bank likes to see substantial home equity.
To determine an estimate on the amount you are eligible to receive with a Reverse Mortgage I suggest you give me a call. There is a formula involved and I have a couple questions to ask you. It won't take long, and when we're finished, you'll have your questions answered!
In the meantime I'll give you a quick rundown of how a bank determines the amount you may be eligible for with a Reverse Mortgage. The formula used to determine the amount of a Reverse Mortgage is dependant upon: 1) the age of the youngest borrower, 2) the current interest rates, and 3) the appraised value of your home.
I look forward to hearing from you and answering any other questions you may have about Reverse Mortgages. My number is 541-868-1050, and I'm happy to give you an estimate as to how much you may be eligible to receive with a Reverse Mortgage.
I look forward to hearing from you.