I'm concerned as I'm getting older I may need more money. I have social security & an income I receive from a rental. Will I still be able to qualify if I have the rental & remain living in the house I have? Both my houses are paid for.
Added (1). I can't sell the rental because I depend on this income, plus I'd be hit up big time with capital gains. I'm asking about a reverse mortgage on the house I live in.
Added (2). I'm talking about taking out the reverse mortgage on my PRIMARY RESIDENCE I've lived in 16 years, not taking it out on my rental house.
Added (3). It appears like none of you understand I live in the house I'm asking about taking the reverse mortgage on, and it's not a good idea at all for me to sell my rental with income I depend on, and then also pay capital gains. What about this don't you understand?
Added (4). Simply just can't seem to understand the income I have coming in from rental is income I depend on. Selling this property would make me lose this income, plus pay capital gains. Look up what interest is nowadays. Simply needs a guardian to help to think rationally! It's sad anyone could be this dumb.
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