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Can I get a reverse mortgage if my home is fully paid for?

I read a definition of a reverse mortgage. It is a loan against the equity in the house and paid back after death, when the house is sold.I have 100% equity in my house.Am I eligible for a reverse mortgage?How to get a loan against the value of my house? by ritawa_423_614 from Chandler, Arizona. Jun 19th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. You can do a reverse mortgage on a home that's paid for.. You must be 62 or older... you can take a lump sum, a partial lump sum and payments, or all payments.. The amount will be determined by your home value and your age... (The older you are, the more you get)... you should seek out someone who specializes in reverse mortgages.. Not just anyone.. but i would certainly recommend using someone local... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 19th 2012
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Sandy McKee (smckee)
#40 ranked lender in Arizona - 23 contributions

Yes you can as long as the home is your primary home and you are at least 62 years of age. Be sure to shop around because fees and rates can vary. If you would like a quote, please feel free to call me directly at 520-907-3225. I agree with William, you will want to deal with someone who specializes in reverse mortgages. All the best, Sandy520-907-3225.

Jun 19th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

If you are 62 or older and the home is your primary residence you can get a reverse mortgage. If you would like to discuss more call me at 201-962-3555. All the best. Michelle

Jun 19th 2012
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Jonathan Rhode (jrhode)
#182 ranked lender in California - 130 contributions

Yes, you most definatly can. As long as you are 62 years of age and the home is your primary residence. I am a Reverse Mortgage specialist and am approved in AZ. So, please feel free to contact me I have programs with absolutly no lender or closing fees.jrhode@cstonemortgage.com or at www.cornerstonereverse.com or 877-401-1389 xt103

Jun 19th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

Absolutely. Having no debt against your home will actually give you more flexibility. We are located right here in Chandler. Give me a call and we'll get you started. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jun 19th 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

A home equity conversion mortgage (aka reverse mortgage) is best facilitated when dealing with a qualifying senior whose home has been paid off. You will have more options on how to receive your money. Make sure to speak with your estate planner so as to have established instructions on how to handle the settlement of the estate upon death.

Jun 22nd 2012
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