We would like to get a reverse mortgage.Have no equity in the house. We do not want any cash.We just don't want monthly payments.

Patty Harrison our reverse mortgage specialist is available by phone at 888-762-7881 or by email patty@smartmtgs.net

Sorry, but you need about 50% equity, based on your ages, in order to qualify.

At the minimum age of 62, you would only be able to receive approximately 50% of the value of the home as proceeds to pay off any liens on the home. If the amount owed exceeds the eligible proceeds, you would have to come to closing with verifiable liquid assets to pay off the remaining balance. If you have retirement accounts, that may be a strategy to discuss with your accountant, financial advisor and of course a HECM specialist such as myself.