How much equity does someone have to have in their home in order to qualify for a reverse mortgage?
Friday, September 26th, 2008chris g asked:
My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an in home health care worker. I would guesstimate the value of the home to be 275K to 300K right now. Does anyone know if a reverse mortgage would be possible for her?