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  • Will a reverse mortgage stop us from having to pay the current mortgage ?

  • William Patterson

    Member
    May 4, 2022 at 7:57 pm

    I have a question that is pretty basic but does not know how to put this up on the forum. We have a 30 yr mortgage with 15 years left. We have a first and second mortgage with phh. The second is like a balloon payment that comes due when the first is paid off. We are in our mid-seventies. Our home is worth twice what the mortgage left (combined 1&2). Will a reverse mortgage stop us from having to pay the current mortgage and allow us to get a monthly check from the reverse mortgage? We also want to pay off 50k in credit card debt.

  • MyHECM Admin

    Administrator
    May 10, 2022 at 7:04 am

    Hi William, the numbers look tight, but you may be able to get enough from a reverse mortgage to pay off both existing mortgage balances, which means you would no longer have mortgage payments on either (as long as you meet program obligations, of course). You may also have some leftover proceeds to eliminate the credit card debt, but there’s no way to know for sure until you have a completed appraisal.

    It sounds like you’re probably a great candidate for a reverse mortgage. I would suggest checking with a few lenders and have them crunch the numbers for you.

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