How much can one get on a reverse mortgage?

Answer The amount of the reverse mortgage is based upon the borrower's age and the equity in the home. A 75-year-old homeowner might receive up to 65 percent of their equity in a reverse mortgage, while a... Read More »

Top Q&A For: How much can one get on a reverse mortgage

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

Can you pay off a mortgage with a reverse mortgage?

A reverse mortgage is a type of loan, specifically for borrowers ages 62 and older, that allows a borrower to use the equity in her home to refinance a current mortgage or pull cash out for expense... Read More »

Is a reverse mortgage taxable?

A reverse mortgage is available to older homeowners, and it allows them to cash in equity on their home. Reverse mortgages do not need to be repaid until the homeowner is no longer living in the ho... Read More »

Is reverse mortgage safe?

On One Hand: Federal BackingMost reverse mortgage are backed by the Federal Housing Administration (FHA) or the Federal National Mortgage Association (Fannie Mae), making them a safe way for senior... Read More »