What if I have an existing mortgage?
You may be able to qualify for a reverse mortgage with an existing first mortgage. The mortgage must be paid off either with proceeds from a reverse mortgage or your own private funds.
For instance, let's say you owe $50,000 on an existing mortgage. Based on your age, home value, and interest rates, you qualify for $200,000 under the reverse mortgage program. Under this scenario, you will be able to pay off ALL the existing mortgage and still have $150,000 left over to use as you wish.
For instance, let's say you owe $50,000 on an existing mortgage. Based on your age, home value, and interest rates, you qualify for $200,000 under the reverse mortgage program. Under this scenario, you will be able to pay off ALL the existing mortgage and still have $150,000 left over to use as you wish.
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