I am 71 yrs old and in poor health, My home has a small private mortgage of $55.000. I AM ATTEMPTING TO GET A REVERSE MORTGAGE, BUT HAVE A VERY OLD STUDENT LOAN IN DEFAULT. MY TOTAL MONTHLY INCOME IS $760. WILL I BE DENIED A REVERSE MORTGAGE? by patti105 from Titusville, Florida. May 1st 2013
Please contact me at 503-620-2239, or primefinancial@frontier.com. As long as your property is qualified, I will will help you deal with the student loan issue. I take great pleasure in solving this kind of problem for my clients.I look forward to hearing from you soon. By the way, I am a senior myself, so I understand your situation well.Best wishes, Dave Metsker
Yes you can still get a reverse mortgage so long as you have sufficient enough equity to payoff the private lien and student loan. Your income is a non-factor when qualifying for a reverse mortgage.
Need more information to answer correctly. please call 855 411 LEND Peter Savino
If that is your only concern... you have little to worry about.
No, you won't be denied.Two of my current Reverse Mortgage clients have student loans. One is making regular payments, so it doesn't impact his Reverse Mortgage. The other is in default, so he had to pay off the balance of the student loan with the proceeds from his Reverse Mortgage.An interesting thing happened to my client that's in default ... he had a stroke several years ago and the Student Loan Agency permanently deferred his Student Loan payments due to his poor health. I didn't know that could be done. So now he doesn't have to use any of the Reverse Mortgage proceeds to pay it off.There's a lot of good information on my website, Patti, at www.HuntingtonBeachReverseMortgages.com . Let me know if you have any questions after visiting it.
that will not be a big issue, it can be cleared up from the proceeds.
Our Reverse Mortgage division manager can answer this for you. You can contact her directly at: Colleen Moore cmoore@lhfinancial.com or (866) 519-6290. http://gemtg.com
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