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Showing posts from February, 2011

Reverse Mortgage Purchase

Many are not aware that a reverse mortgage may be used to purchase a home. The program works the same as when refinancing, and the criteria to qualify is also the same. A person's age and the price of the home will determine how much down payment is needed to complete the transaction. Besides the down payment, there will be no further mortgage payment required while living in the home. Only property taxes and homeowners insurance will need to be paid when due. Thus giving the opportunity to live payment free for life and have added security against home foreclosure.  Click on Contact Us for more information and to obtain your benefit click on the Reverse Mortgage Calculator .

Qualifying for a reverse mortgage

Reverse mortgages are designed for those over the age of 62 who are looking to gain greater financial security or simply are in need of additional cash for a variety of reasons. While other loan programs continue to make lending guidelines stricter and maintain a firm grip on their funds, reverse mortgages continue to be one of the easiest loans to qualify since there are no credit or income requirements. The qualifications are that you must be 62 years of age or older, you must be living in the home as your primary residence and must have (on average)a minimum of 50% equity established. It is considered a loan that is taken against the home to be used to payoff any current liens, credit cards, and any other debt including past due taxes and medical bills. In addition, you may qualify to receive additional cash that can be used for any purpose. Cash received is not considered income, and therefore is not taxable by the IRS. There are no monthly mortgage payments required, however you