Reverse mortgage - Line of Credit?
I understand you can opt for payments, lump sum, line of credit, etc.
If you filch a lump sum or set up a line of credit can creditor's attach your line of credit?
Answers:
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If you deposit it into your checking account and the creditors enjoy judgments against you they can take it out of the details.
Creditors cannot attach to your strip of credit, but they can place a judgement on the title to your property which will prevent you from obtaining a line of credit.
PS - I'm not a big adherent of reverse mortgages. They are costly to get into and the interest rates are pretty high. But they do enjoy their place in the market. They're mostly considered to be a hard times loan. Please research all options since taking a reverse mortgage and by all means find a reputable lender within your area. To learn more in the order of reverse mortgages, please check out the link below which is through FHA.
http://www.hud.gov/buying/reverse.cfm Source(s): 23 yr mortgage professional
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If you filch a lump sum or set up a line of credit can creditor's attach your line of credit?
Answers:
I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogs…
Good Luck!
If you deposit it into your checking account and the creditors enjoy judgments against you they can take it out of the details.
Creditors cannot attach to your strip of credit, but they can place a judgement on the title to your property which will prevent you from obtaining a line of credit.
PS - I'm not a big adherent of reverse mortgages. They are costly to get into and the interest rates are pretty high. But they do enjoy their place in the market. They're mostly considered to be a hard times loan. Please research all options since taking a reverse mortgage and by all means find a reputable lender within your area. To learn more in the order of reverse mortgages, please check out the link below which is through FHA.
http://www.hud.gov/buying/reverse.cfm Source(s): 23 yr mortgage professional
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