What would disqualify someone for a reverse mortgage if they have ample equity?
My mom has over 200k in equity in her house. it’s valued at approx. 450k. she has a 50k home equity loan (which is the concerning part about the reverse mortgage). her mortgage pymnts including loan are 2.2k/month – unmanageable for her so the house is on the market. she can sell it though it needs more time on the market. i was hoping a reverse mortgage could buy her more time. anyone with experience please advise. she cant make payments & has received a foreclosure notice (3 months). i understand that it will be one month for the bank to turn it over to a lawyer and then the foreclosure proceeds. will a reverse mortgage give her time? please help.