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Reverse mortgage - Line of Credit? |
I understand you can opt for payments, lump sum, line of credit, etc. If you take a lump sum or set up a line of credit can creditor's attach your line of credit? Creditors cannot attach to your line 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 fan of reverse mortgages. They are costly to get into and the interest rates are pretty high. But they do have their place in the market. They're mostly considered to be a hardship loan. Please research all options before taking a reverse mortgage and by all means find a reputable lender in your area. To learn more about 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 If you deposit it into your checking account and the creditors have judgments against you they can take it out of the account. I found interesting information about your answer Here: debt consolidation loans: http://all-debt-consolidation-loan.blogs... Good Luck! |
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