Home Buying in Cheyenne>Question Details

orabbit, Home Buyer in 79707

i have a reverse mortgage on my house. the value has increased 50000. if i sale it can i buy another house and get reverse mortgage on it?

Asked by orabbit, 79707 Wed Dec 5, 2012

Help the community by answering this question:


Are you asking if you can a reverse mortgage on the new house?
A reverse mortgage is a way to tap the equity in a home that is paid off.
If you sell your current home you will have the cash from the sale. If you then buy your new home for cash you can then get a reverse mortgage on it. Remember, the reverse mortgage does incur additional closing costs and you are paying interest on the accumulating balance.
But, rather that a reverse mortgage, you might consider keeping the cash in the bank and get a small mortgage on your new house and make your payments from your cash in savings.
I would recommend speaking with a lender familiar with reverse mortgages for more detail.
0 votes Thank Flag Link Fri Jan 18, 2013
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