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Buying a reverse mortgage home that was my mothers, how do I start?

by hflores5555 from , California. May 22nd 2015 Reply

Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

If you are purchasing it, the purchase price needs to cover whatever amount of money your mother owes to the bank. In a reverse mortgage what are monthly payments on a standard mortgage loan still exist but in reverse. In other words $800 is accumulated in equity ownership each month by the bank, then after x number of years that amount would need to be paid to the bank. Otherwise, you buy it as you would from a parent with or without a mortgage. There are different rules for buying from a parent and we can use any equity gifted from your Mother in the transaction. Please do contact me for more information- Larry Gray, Mortgage Consultant, Clear Lending, div of PRMI, Ca.

May 22nd 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

May 26th 2015
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