Oct 23, 2014 - 01:29 PM
A Reverse Mortgage credit line may be what you are looking for but it’s not totally straightforward. Is there a mortgage or any other liens that need to be paid off? How much is the house worth (Estimated)? Are you over 62 if one of you is a lot younger than the other you would qualify on the youngest borrower’s age. All these questions affect the amount of funds you would qualify for and at the end of the day the actual appraised value. So taking everything into account there has to be enough money/cash flow to solve your financial monthly shortfall to make sense for you to take out a reverse mortgage. The bottom line is the need/benefits has to justify the cost. I would recommend speaking with a reverse mortgage advisor who can run a reverse mortgage analysis to see if it makes sense for you.