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I would like a Reverse Mortgage, my Condo in Leisure Village, Ridge, NY is not FHA approved
I have a loan with Tesla for my solar panels approx bal is $40k. The loan was not a 2nd mortg or secured by my residence but I believe they have some kind of lien that would protect their loan. Does that loan need to be paid off if the Reverse Mortg loan was in 1st position?
If you have a solar loan that is not attached to the house and is a personal loan you should not have to pay that off right away; the pertinent information is that it is not secured by your home. If you were to have a solar lease, that is attached to your home, that would typically have to be paid off before proceeding with a reverse mortgage. Often times a solar lease has terminology requiring any loans to be approved through them first.