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what is involved in a reverse mortgage?

by bberry609717 from Washington, District Of Columbia. Feb 4th 2019 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

Sorry, but your questions too broad... In the simplest terms.. If you or your spouse is 62 1/2 years old or older, you can get a reverse mortgage. The loan to value is based the age of the oldest borrower.. the older you are, the higher the allowable LTV.. it starts at about 39% for 62 1/2.. Credit is not considered in your approval, but if you have bad credit, then you would be required to have an impound account which will pay the taxes and insurance as they come due.. so in this scenario, you would receive less upfront or less monthly. You are required to go through counseling and after that, you can apply. If you have any more questions, try reaching out to a local reverse mortgage specialist.. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 5th 2019
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