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I have a reverse mortgage I would like to buy it back monthly how do I do it?

by barbara_hartsock786 from , California. Nov 15th 2013 Reply

Kimberly Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

Hi Barbara, You'd want to contact a local lender/loan officer who could "refinance" your reverse mortgage into a traditional or what we'd otherwise call a forward mortgage. You'd be subject to all of the eligibility requirements unlike a reverse mortgage when credit and income isn't a factor (for a reverse mortgage). If you have add'l questions, I'd be happy to help guide you otherwise contact a Loan Originator licensed in CA as they could help you best. Best wishes, Kimberly Lawson. Mortgage Loan Originator (Ohio only). Contact and licensing information can be found on my profile.

Nov 15th 2013
C G Barbeau (CGbarbeau)
#950 ranked lender in California - 2 contributions

You can pay it down BUT if you die it becomes due and payable. How much have you borrowed and is it realistic to pay it off soon monthly?To refinance the whole borrowed amount you will need the credit, income and paperwork pile that is necessary to complete. If you refinance the balance as a traditional loan you will make payments.Take a look at all the costs and fees you paid to get into the reverse and what it will cost to refinance- this is important in your decision

Nov 18th 2013
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