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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>can you help us??
A Reverse Mortgage is possible if you have a 99 year lease that's renewable, and your Manufactured Home was built after June 15, 1976.
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Raymond Denton
www.raymonddenton.com |
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bc32
Guest
0.10 Dollars($)
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Post subject: Checking Eligibilty Requirements |
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| Can you tell me if a person is eligible to obtain a reverse mortgage if they have been convicted of a felony in the past number of years? And if yes or no where can I find verification of the fact that they can or cannot obtain one of these loans? I really need to know. Thank you. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>Can you tell me if a person is eligible to obtain a reverse mortgage if they have been convicted of a felony in the past number of years?
Yes. The only qualifiers are age, type of residence, and it has to be the primary residence. Nobody cares if they've been convicted of a felony.
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Raymond Denton
www.raymonddenton.com |
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youngster
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0.10 Dollars($)
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Post subject: Age Criteria |
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| What if the applicant (home owner who has equity) is less than 62 years old, can they still apply for the reverse mortgage? If the age criterion is strictly enforced, is there a comparable program to apply for so that the home owner can get cash out of their home (e.g., a HELOC)? |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>can they still apply for the reverse mortgage?
They can apply when they're 61, but can't sign the final loan documents until they're 62.
>>is there a comparable program to apply for
No, there isn't any other mortgage that's comparable to a Reverse Mortgage.
>>so that the home owner can get cash out of their home (e.g., a HELOC)?
They can certainly apply for a HELOC, but they're going to have to qualify for the loan based upon their Income, Assets, Employment and Credit, and they'll also be a monthly mortgage payment. None of those are requirements for a Reverse Mortgage.
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Raymond Denton
www.raymonddenton.com |
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darryl
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0.10 Dollars($)
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Post subject: Reverse Mortgage |
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| Do I have to borrow a minimum amount? Can it be $20,000 and no more? |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>Do I have to borrow a minimum amount? Can it be $20,000 and no more?
You can borrow $20,000 and keep the rest in the Credit Line. And the Credit Line grows. Right now the growth rate is around 3.5%. That means if you put $100,000.00 of equity in the credit line, a year from now you'd have approximately $103,500.00. That's an additional $3,500.00 of equity you're able to convert into cash.
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Raymond Denton
www.raymonddenton.com |
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pashs
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0.10 Dollars($)
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Post subject: reverse mortgage equity |
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| I own a house valued at $80,000. At 72 years old hpw much equity do I need in my home to be eligble for a reverse mortgage? |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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You didn't mention the State you're living in, and that'd help because some States have different fees then others, so I'm going to assume you live in California and your birthdate is 2/28/1938.
You'd receive approximately $39,309.00 with a fixed interest rate of 5.56%
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Raymond Denton
www.raymonddenton.com |
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mom2sands
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0.10 Dollars($)
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| My mother is interested in a reverse mortgage loan. She owns her home free and clear, valued at about $200,000 and wants to pay off some credit card debt. I'm worried that she'll go through the money too quickly and will have nothing to fall back on later. She is 65. I think that she is too young to go this route and will jeopardize her financial future and the possibility that she might need the money later. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Your mother can opt for monthly cash advances from the lender. She will receive monthly payments in place of a lump sum amount at one go. Thus, she won't be able to use off the money quickly and will also have some amount to fall back upon.
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Good is the Enemy of Great. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>I'm worried that she'll go through the money too quickly and will have nothing to fall back on later.
That's a valid concern and will probably happen if she hasn't displayed financial discipline in the past. I've had lots of clients take out enough cash at funding to dliminate their credit card debt, and the rest of the cash was put into the Credit Line, for growth. But she'll have easy access to the Credit Line, and can deplete it if she's not prudent.
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Raymond Denton
www.raymonddenton.com |
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bassman
Guest
0.10 Dollars($)
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Post subject: reversed mortgage |
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| i have payed off my mortgage, do i qualify, do i qualify? |
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bassman
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0.10 Dollars($)
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Post subject: reversed mortgage |
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| i have payed off my mortgage, do i qualify, do i qualify? |
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bassman
Guest
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Post subject: reversed mortgage |
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| i have no mortgage payments on my house, do i qualify for a reversed mortgage? |
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