Mortgage Advice > Can someone get a reverse mortgage if they already have a mortgage on their house?

Can someone get a reverse mortgage if they already have a mortgage on their house?

If my house is worth $250,000 and I have a first and second mortgage that adds up to about $135,000 can I still qualify for a reverse mortgage? Does it depend on how much equity I have in the house or liens on the property? Douglas,AZ | Jun 24th 2011
by gil_45 Answer

by nickheth

Yes, it will depend on your age and value but you can refinance those two loans into the reverse mortgage

Jun 24th 2011

by bmcfed

yes. The equity you need is basesd on your age. here is a calculator: /eisreverse.com/default_nrmla.aspx if you need any help please contact me. www.guidetomortgageplanning.com

Jun 24th 2011

by geoffre...

yes, you can certainly still qualify for a reverse mortgage based on your loan to value ratio of 54%. You should contact a loan profesional to go over the rest of the parameters. Good Luck

Jun 24th 2011

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