Forgotten Your Password?

Need to Register?

Question Icon

Need a reverse mortgage

I am looking into a reverse mortgage approval for a client in NJ. He is a 63 y/o male, Property appraised at 460K, wants a 50% mortgage. Please contact me as soon as possible. thank you by paul942 from Linwood, New Jersey. Oct 5th 2015 Reply


Ted Ark (tark@goldmortgage.com)
#31 ranked lender in New Jersey - 32 contributions

Hi Paul,Your client would meet the age requirement. He would need to show the ability (income) to pay his real estate taxes and homeowner insurance. Also, he needs to reside in the property 51% of the year as his owner occupied property. He would have to payoff any existing mortgage liens on the property, as the Reverse Mortgage must be in first position. I can send you a Reverse Mortgage but I would need additional information to provide you a quote. Regards,Ted ArkGolden Mortgage Corporation818 Rt 202-206Bridgewater, NJ 08807tel: 908-722-9217www.goldmortgage.com

Oct 5th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 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 WilliamAcres.com NMLS# 226347

Oct 5th 2015
1
0
Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 488 contributions

Both earlier replies provided great information. Be sure your client provides proof of income and if there is negative information on the credit report documentation and a letter of explanation will also need to be provided.

Oct 6th 2015
0
0
Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

Are you a lender? The best way is to have a local lender reach out to the clients.

Oct 6th 2015
0
0
Subscribe to our news feed.