The new reverse mortgage rules significantly affect the way you can borrow money on a reverse mortgage. Although lump sum draws were not eliminated big changes were made in the amount of money you can take and when you can take the money. One of the major problems with the reverse mortgage...
If you have not paid off your first mortgage, you must be able to pay it off using reverse mortgage funds to qualify. Thus, if your home is worth enough, you may qualify for a reverse mortgage even if you do not have full equity in the home or even any equity. For example, if yo...