• Can You Qualify for a Reverse Mortgage If You Currently Have a Home Loan?

    1 month ago - By RIS Media

    A reverse mortgage can let you access a portion of your home equity while continuing to own and live in your house. The loan will have to be repaid when you die, sell the house or move out. You may be able to take out a reverse mortgage if you haven't paid off your existing home loan.
    Types of Reverse Mortgages
    Home Equity Conversion Mortgages are federally insured and backed by the Department of Housing and Urban Development. Money from an HECM can be used for any purpose.
    Some state and local government agencies and nonprofit organizations offer single-purpose reverse mortgages. A lender...
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