Is a Debt Consolidation Loan possible with a Reverse Mortgage already in place?
There are 3 suggestions to question “Is a Debt Consolidation Loan possible with a Reverse Mortgage already in place?”
Yes. But an unsecured loan will be impossible to get unless you have amazing credit
If you get it, the interest rate starts at 16.99% – for those with top credit
Ask here how to deal with creditors – people will help you
Don’t fall for any of the 20 or so scam sites you’ll get as answers in the next 24 hours
Yes. The reverse mortgage (RM) lender doesn’t care about your personal debt, as long as they remain first lien holder on the property. You will be hard put to find a lender willing to go 2nd behind a reverse because it is open-ended. What the RM lender does care about is that you maintain the property up to HUD standards (as when it was first appraised) and that you are current on your property taxes and homeowners insurance. If you fall behind on either, FHA may require that the lender foreclose on you because FHA doesn’t want the risk of you becoming more upside down. Those were the conditions of the loan that you agreed to when you signed it (aside from it being the primary residence).
They are not related to each other in any way unless you are trying to secure your new loan with your home – which might not be possible.
Yes. But an unsecured loan will be impossible to get unless you have amazing credit
If you get it, the interest rate starts at 16.99% – for those with top credit
Ask here how to deal with creditors – people will help you
Don’t fall for any of the 20 or so scam sites you’ll get as answers in the next 24 hours
Yes. The reverse mortgage (RM) lender doesn’t care about your personal debt, as long as they remain first lien holder on the property. You will be hard put to find a lender willing to go 2nd behind a reverse because it is open-ended. What the RM lender does care about is that you maintain the property up to HUD standards (as when it was first appraised) and that you are current on your property taxes and homeowners insurance. If you fall behind on either, FHA may require that the lender foreclose on you because FHA doesn’t want the risk of you becoming more upside down. Those were the conditions of the loan that you agreed to when you signed it (aside from it being the primary residence).
They are not related to each other in any way unless you are trying to secure your new loan with your home – which might not be possible.