Does a Reverse Mortgage Require 50% Equity?
Yep, for a reverse mortgage, you typically need about 50% equity in your home. It's like the bank's way of saying, 'Okay, you've got enough skin in the game.' This way, they ensure there's enough value in your home to make the deal worth it for them, considering you won't be making monthly payments to pay off the loan.
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No way, it's not always a hard 50%. Some lenders might let you slide with a bit less, especially if your home's value is high and you're older. The older you are, the more they're willing to bend the rules since the loan amount is based on age too.
Absolutely, 50% equity is the magic number for reverse mortgages. It's all about ensuring that there's enough cushion for the lender. After all, they're in it to make money, not to lose it.
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