Can you borrow more than you own in equity through a reverse mortgage?

Nope

No... In fact, the percentage of equity required is based on your age.. The older you are, the less equity that is required, but you must have equity.. You can however pay down your mortgage and still do the reverse mortgage. This would eliminate the necessity to make payments, but you would not receive anything monthly... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No

nope, no equity - no loan.

No. In order to obtain a reverse mortgage, you must have built equity in your home.

The maximum amount you can borrower is calculated by the lender, a special tool is used that uses your age (62 years or older) equity in the home. Attached is a very useful link directly from hud. Were you can find the best answers to your questions.http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_13006.pdf

A reverse mortgage can be used to borrow a percentage of the appraised value based on your age. Each month the interest on the amount borrowed gets added to the principal owed. Because this amount may eventually be more than the house is worth, many reverse mortgage customers end up borrowing more than the equity in the home. Reverse mortgages are non-recourse loans, meaning that you never are required to pay back more than the home is worth. Call me for a detailed analysis of your reverse mortgage needs. John Desmond 888-407-1592.

the reverse limits you on loan amount and loan to value in new york. there are other programs available in new york which could fit your needs. however, there is not enough information from you for me to make suggestions. you can respond to my e-mail. thank you, gary schneider