Can I get a reverse mortgage if my house is not paid off?

Orange County Reverse Mortgage Facts and FAQ's Question:  My home is not paid off, can I get a reverse mortgage?

Many times the answer is YES! It depends upon how much you still owe on your home and the difference between your mortgage balance and your homes value.  A reverse mortgage will What is the Loan To Value on a Reverse? of your homes value to you.  Usually between 50% and 66% of your homes appraised value.  For example.  If your home is worth $100,000 a reverse mortgage may only lend you $55,000, and after closing costs you must be able to payoff your existing mortgage with that $55,000.  Some clients have even brought Short To Close Option (wait or bring in $) when the reverse mortgage could not loan quite enough to payoff their old loan.  They told me it was worth it to get rid of their house payment.  Most of the homeowners I work with DO have a mortgage to payoff and they can't wait to kiss their mortgage payment good-bye forever! (Remember, even with a reverse mortgage the homeowners are responsible to pay property taxes, keep the home insured AND the home must remain their principal residence.)

Based upon your homes value, the ages of the homeowners and the current interest rates we can figure out if a reverse mortgage would loan enough for you to say goodbye to your mortgage payment.  Send me an email, or give me a call or go to my website and get a quote.