Can a Home Improvement Loan Be Obtained If You Have a Reverse Mortgage?

Answer

A reverse mortgage is a loan that seniors over the age of 62 can take out using the equity in your home that you do not have to make payments on. The loan is repaid when the home is sold, you move away or pass away. There are no income requirements and there are no credit checks. Since the reverse mortgage is a loan in itself, it is not possible to take another loan out of your home. There are reverse mortgages that are offered for specific reasons like home improvements and usually with a reverse mortgage you can choose to have the loan paid to you all at once, or in monthly payments.
Q&A Related to "Can a Home Improvement Loan Be Obtained If You..."
REVERSE MORTGAGE - A reverse mortgage is a loan against your home with a very high cost. They amount that you owe continues to grow each month. If you want to spend all of your equity
http://www.ehow.com/how_4919829_reverse-mortgage-h...
The Federal Trade Commission consumer information site has valuable information about reverse mortgage loans. This site explains the different types of loans and their features.
http://wiki.answers.com/Q/Where_can_one_obtain_inf...
First two responders are correct. A reverse mortgage is better. Understand though that a reverse mortgage has extreamly high closing costs. My MIL just did one for 100,000.00 and
http://answers.yahoo.com/question/index?qid=200902...
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly
http://activerain.com/blogs/megan_mfs
Explore this Topic
A home mortgage is a financial aid or loan obtained to buy a home. Home mortgages can be acquired directly from a financial institution or could be obtained indirectly ...
1. Determine if you are eligible for the grant by proving you have tried to obtain credit loans at a bank and have been turned away due to bad or poor credit scores ...
1. Determine if you are eligible for the grant by proving you have tried to obtain credit loans at a bank and have been turned away due to bad or poor credit scores ...
About -  Privacy -  AskEraser  -  Careers -  Ask Blog -  Mobile -  Help -  Feedback © 2014 Ask.com