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What is a Reverse Mortgage? How do I Qualify?

by lilyannwalker169 from San Jose, Illinois. Apr 14th 2017 Reply

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

It is pretty easy to qualify for a reverse mortgage. Basically it is based on the homeowner/borrower being at least 62 years of age and holding a minimum required amount of equity in the home. You would want to consult with a mortgage broker licensed in Illinois who specializing in reverse mortgages. We have two in our branch of 18 licensed mortgage consultants who specialize in consulting and providing reverse mortgages. They will evaluate your current situation and qualify you. There is a process to go through which includes meeting with a government official who makes sure you understand everything about the reverse mortgage and how it affects you. By the time you choose to have one it is generally a well thought out decision. I think they are fantastic if not for everyone.

Apr 14th 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

The biggest difference is that reverse mortgages do not require payments, but the balance increases each month as the accruing interest gets added. On a regular, fully amortized mortgage, you pay a months worth of interest and a little bit of principal each month. .after each payment, you pay a little less in interest and a little more in principal. 15, 20, 30 years later it's paid for.. but a reverse mortgage is the opposite.. each month, the unpaid interest gets added to your loan balance.. As far as applying, just contact your local mortgage professional and ask for the reverse mortgage specialist.. I'm a preferred Lender with Arizona and California 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 17th 2017
Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 597 contributions

I am licensed in IL and an expert reverse mortgage specialist. At least one borrower in the primary residence has to be 62 years old now or at least in three months. You will need to show the same financial documentation as if you were applying for a regular home mortgage loan program. A completed counseling session is required by all borrower's usually prior to filling out the application paperwork. Also another up front cost could be for the appraisal.

Apr 19th 2017
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