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jmol1938@people.com
Guest
0.10 Dollars($)
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Post subject: reverse mortage |
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| is it posible to get a reverse im 68 my wife 65.our home is at least 200,000 we owe 169,000 |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: RE |
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Hi, Jmol
I dont see any reason that why you cant get a loan. You can start looking for all the possible options.
All the best.
Adonis
_________________
Procrastination is the enemy of your financial success |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE |
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Hi Jmol,
Welcome to the forums.
You can look for all the possible options for reverse mortgage. The minimum age for reverse mortgage is 62 and you are well over that, so I dont think you will have any difficulty in getting the loan.
We have a community of Lenders with us who deals in all kind of loans. You can sign up with us for a reverse mortgage. Once you signup with us, you will get a no obligation free consultation over the phone. Know more on how we follow up after you sign up with us.
Hope to see as our Community member.
Thanks,
Caron |
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Ken Paylor
Guest
0.10 Dollars($)
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Post subject: Discount for Veterans with 100% |
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| What is the cost and is there a problem set up with the VA in which veterans that are rated 100% disability get a better price? Thanks, Ken |
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ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 123
Location: National
37.57 Dollars($)
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Post subject: |
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Here are some general pointers on reverse mortgages:
a. The reverse mortgage must be on your primary residence.
b. Income is not a requirement for qualification.
c. Credit is not a a requirement for qualification.
d. If you have an existing mortgage, you must use the proceeds to pay off the existing mortgage first.
e. You'll always remain on title.
f. Will not effect social security, medicare or pension benefits.
g. Must be 62 or older.
h. Use of loans comes with no restrictions.
i. Proceeds from a reverse mortgage are tax free.
Regards,
Scott Miller
_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
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morris rj56
Guest
0.10 Dollars($)
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pat
Guest
0.10 Dollars($)
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Post subject: reverse mortgage |
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| I am 55 and recently widowed can I quality for a reverse mortgage? I have lived in this house for over 20 years? |
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miller_st
Joined: 17 Jan 2007
Posts: 918
168.95 Dollars($)
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Post subject: |
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Sorry Pat, but to qualify for reverse mortgage one should be aged 62 or more. You will have to wait for few more years.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Pat,
Reverse mortgage is available only for borrowers who are 62 years of age or above. So you cannot qualify for that. |
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Oliviap8
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0.10 Dollars($)
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Post subject: Reverse mortgage for my mother |
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| My mom is recovering from hip surgery at my sister's house. She is over 62 and paid her home off. Can she still qualify for a reverse mortgage even tho she will not be living in her own home for approximatly 3-4 months? |
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brian1
Community Expert
Joined: 14 Jun 2008
Posts: 448
Location: Northern California
15.61 Dollars($)
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Post subject: |
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Hi Olivia,
If there is a medical reason for her not being there but she will return than yes she will still qualify. The terms are that she must pay off the loan if she is not there for a period od 12 months or more so like I said she should be fine.
Good Luck
Brian
_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com |
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lois joan demartino
Guest
0.10 Dollars($)
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Post subject: I would like to know qualifications |
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| Need info as whether or not i qualify I just tured 62 own a condo in Toms Riveer NJ Value of condo is approx 205,000 my mortg balance is approx 202,000 i have owned the condo for over 15 yrs |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: RE: reverse mtg on condo |
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Hi lois joan,
Welcome to forums.
Since you've turned 62, you can qualify for reverse mortgage provided you satisfy the other eligibility criteria . Since you have a mortgage already, you'll have to pay it off with the reverse loan proceeds. I hope you're aware of this. Or is it that you are taking the reverse mtg just to pay off the outstanding loan balance?
Whether you'll qualify at the rates available can be determined only when you start shopping for the loan. So, check out as to whether you fulfill the basic criteria and then start shopping for the loan. While you shop for offers, you may request for free mortgage quotes with the lenders in this community. The lenders here offer different types of loans based on one's assets, income, liability etc. So, once you receive the quotes, you'll be able to understand what you're getting and whether you'll qualify for it.
Thanks |
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brokeinmaine
Guest
0.10 Dollars($)
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Post subject: reverse mortgage |
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| My husband is 62 we have a mortgage of $159,000 we live in york county, maine. However, I am 59. Would we still be able to get a reverse mortgage. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2642
Location: New Brunswick, New Jersey
488.01 Dollars($)
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Post subject: RE: reverse loan eligibility |
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Hi brokeinmaine,
Your husband and you will not be able to qualify for reverse mortgage as because the youngest surviving borrower has to be minimum 62 years of age. And this isn't the situation here. can you tell me what's your purpose behind taking out the reverse mortgage? I mean you could as well qualify for a home equity loan or Heloc provided you agree to make monthly payments and have the required income and credit.
Take Care
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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