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can U keep my existing line of credit as a second mortgage and have a reverse mortgage

by Harvey Charnofsky from Sebastopol, California. Dec 28th 2015 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

No.. you cannot have a subordinated 2nd on a reverse mortgage.. If you want to know for sure, you should contact a LOCAL mortgage broker who specializes in reverse mortgages and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 29th 2015
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