Generally yes. However, any existing mortgage loan must be fully paid out using some of the proceeds from the new reverse mortgage loan. Your solicitor will need to prepare a Discharge of Mortgage to clear the existing debt. Any funds remaining may then be used by seniors however they wish. If the existing debt is greater than the allowable reverse mortgage loan, the lender will not accept the application unless other funds can be found to clear the existing debt.
Jan Vincent
Montrose, VICTORIA
Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, VICTORIA
Don & Christine Perrett
Leongatha, VICTORIA
Paul & Barb Spark
Somerville VICTORIA