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equity needed for reverse mortgage

collecting some information for my parents, but i dont have all their info so bear with me. they've had their house for 20 years and are 10 years out from paying it off. both have good credit and have only ever had one late payment but it was recent and because my mom has had some memory problems (the bank sympathized but i don't know if anything else came of that). what are the possibilites for them having a reverse mortgage? father is retiring and mom retired in 2010 as a teacher. hopinh that may help as well. by caoneser4376552 from Palm Desert, California. Sep 9th 2014 Reply


Chris Gummerson (cgummerson11)
#363 ranked lender in California - 648 contributions

If they have equity in the home and also are of age, then a reverse mortgage would be possible.

Sep 9th 2014
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Crestico Funding (CresticoFunding)
#283 ranked lender in California - 335 contributions

Hello,Reverse Mortgage doesn't require credit, as long as they are both older than 62 years old they qualify for Reverse Mortgage, How much money they can recieve depends on their actual age and amount of equity in there property. here is a free Reverse Mortgage Calculator that gives you all the available options.http://www.crestico.com/funding/programs/government/reverse-mortgages/calculator/Feel free to call u s if you have any more questions.

Sep 9th 2014
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Crestico Funding (CresticoFunding)
#283 ranked lender in California - 335 contributions

http://www.crestico.com/funding/programs/government/reverse-mortgages/calculator/

Sep 9th 2014
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

There already are good answers here to your question. However, you may want to know, even with a late mortgage payment, it is still possible to refinance if you just want to lower their payment by refinancing into a 20 year loan again with interest rate rates very low, or into a 15 year fixed with even lower interest. Refinancing into a 20 year fixed from what sounds like currently a 20 yr fixed loan and at a much lower loan amount now, could decrease monthly payments substantially.

Sep 9th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

There's just too much info missing to properly advise you.. Reverse mortgages are available to borrowers of at lest 62 years of age.. and how much you can get is based on the properties value, how much you owe, and whether you wish to receive cash upfront, monthly or a combination of the two.. Here's HUD's RM calculator.. http://www.reversemortgage.org/About/ReverseMortgageCalculator.aspx .. 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 WilliamAcres.com

Sep 9th 2014
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