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reverse mortgage

we are considering selling our home in Illinois and purchasing a home in Virginia. We expect that the sale of our current home will leave net of just over 100000.00 and would like to purchase with a reverse mortgage. can you provide any direct information ? I am 65 and my wife is 63. We are both retired.don by dmaj111966 from Stonefort, Illinois. Jun 20th 2018 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

It's best to reach out to a reverse mortgage specialist in your area.. But on the surface, with $100K, you should be able to purchase a home in the $200K range, put $100K down and have zero payments.. (annual taxes and insurance will have to be paid by you).. So, the best advise I can give you is to contact a mortgage banker/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 a Banker/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 banker/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 big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 20th 2018
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