What are the possibilities of getting a reverse mortgage?
Date: Mon, 09/28/2009 - 09:56
My brothe is thinking of doing a reverse mortgage in three months when he turns 59. The property has a tax lien. How would this impact getting a darn mortgage, if it changes it at all?
When a lender or mortgage coporation gives people a mortgage against a property, they put a lien on the home.
They usually will not do the loan unless their the primary lien. If theyre is already a tax lien on the home, the mortgage bank would be second in line to be paid back when or even if the property sells, so they will consider the loan like a second mortgage even though there is no first mortgage.
Being a 2nd mortgage will make it a ton harder to get the mortgage, and translate to much higher interest rates if you do get the financing.
With that been out there, I assume they will be not qualified for a second mortgage. but i just dont know.
When a lender or mortgage coporation gives people a mortgage against a property, they put a lien on the home.
They usually will not do the loan unless their the primary lien. If theyre is already a tax lien on the home, the mortgage bank would be second in line to be paid back when or even if the property sells, so they will consider the loan like a second mortgage even though there is no first mortgage.
Being a 2nd mortgage will make it a ton harder to get the mortgage, and translate to much higher interest rates if you do get the financing.
With that been out there, I assume they will be not qualified for a second mortgage. but i just dont know.
You must be age 62 or older. Your home must be owned free and cl
You must be age 62 or older. Your home must be owned free and clear.
