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Posted on Oct 1, 2012 in Real Estate News

Question by G: Reverse mortgage HELP PLEASE?
Hey everyone i have a question about reverse mortgage. I will be turning 62 In march and i have been looking into refinancing into a reverse mortgage.. but as many houses out here in California my house has lost value and I Do not have any equity… Can i qualify for one? and does anyone know of a Reliable FHA-approved lenders In So-Cal?

Best answer:

Answer by Let me steer you
To get a reverse mortgage, stuff approved you must own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home.

If your current mortgage balance owed is high, and certainly if you have no equity built up in the home, then you cannot do a reverse mortgage.

You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085.

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Image by Galveston.com
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Image by Galveston.com
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