Reverse Mortgages | Reverse Mortgage Debt Payoff

Reverse Mortgage Debt Payoff

Reverse mortgages generally must be "first" mortgages, that is, they must be the primary debt against your home. So if you now owe any money on your property, you generally must do one of two things:

Pay off old debt before you get a reverse mortgage; or
Pay off the old debt with the money you get from a reverse mortgage.

Most reverse mortgage borrowers pay off any prior debt with an initial lump sum advance from their reverse mortgage. In some cases, you may not have to pay off other debt against your home. This can occur if the prior lender agrees to be repaid after the reverse mortgage is repaid. Generally the only lenders willing to consider "subordinating" their loans in this way are state or local government.

For more reverse mortgage debt information, visit the Debt Limit page.

Free Reverse Mortgage Quote and Analysis

Next Generation Financial Services will provide you with a no-cost, no-obligation, Free Reverse Mortgage quote. We will only need basic information about you and your property and will be able to offer an instant estimate and analysis regarding a Reverse Mortgage.

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