The Best Reverse Mortgages

The perception of obtaining a mortgage loan is like handing your car over to the mechanic and waiting anxiously in the waiting room for the dreaded news to be delivered.  "That'll be $$$$!" Part of the dread is that you have limited knowledge on cars and you can't see step by step what the mechanic is doing.  Well, let's remove the veil and allow you to take a look under the hood of the reverse mortgage loan process. The first step is awareness and education of the reverse mortgage loan, which is now easily attainable either through the TV, radio, or your own research.  We recommend meeting with a qualified reverse mortgage professional who has a vast amount of experience and knowledge with reverse mortgages.  This is where you learn about specific numbers, what you qualify for, and receive an analysis of your particular situation. Why go to someone who doesn't specialize in this product and has maybe never put one together?  It's like going to your ...

What does it take to obtain a reverse mortgage?  Whether you are looking to use a reverse mortgage to either refinance or buy, there are basic requirements that every borrower must meet.  Here they are: Borrower must be at least 62 years of age Property must be your primary residence  Property must be maintained routinely and meet FHA appraisal inspection A minimum of 50% equity needed for a refinance or 50% down payment needed for a purchase (note:  these are average percentages and vary by age of youngest borrower)  In addition, every borrower(s) must pass the Financial Assessment as required by the Housing and Urban Development department (HUD).  The Financial Assessment requires each borrower(s) to have sufficient income to meet monthly housing and credit expenses, as well as a satisfactory 24 month payment history of those said expenses.  There is no minimum FICO score required, and there is some flexibility with each borrower's scenari...