What if I still have a mortgage?

As long as the amount that is owed on the current mortgage is less than the amount the borrowers actually qualify for. A Reverse Mortgage will pay off any existing liens that encumber the property. This will mean never having to make a another payment again. A Reverse Mortgage is designed to allow the senior to access the equity in their home.

Sometimes seniors owe money from an existing loan, and are making monthly payments. This loan may have been a good solution at the time, but now it has turned into a burden. The Reverse Mortgage, often times is able to relieve that payment. This frees up money for other important things like the rising cost of medical care.

What if I Have an Open Line of Credit?

The more that one owes on a current mortgage, means less cash that is available to them. Often times using a Reverse Mortgage to pay off an existing mortgage provides enough extra money each month for the senior to live from.

Any line of credit must also be closed once the Reverse Mortgage is in place. However there may be enough cash available after paying off the existing mortgage to qualify for cash in the Reverse Mortgage line of credit. Any money borrowed from this, would not have to be paid back as long as the borrower has the Reverse Mortgage.