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This is the WRONG place to get this kind of info. You need to speak with a trusted mortgage specialist because reverse mortgages makes you initial payment a lot higher and it has lots of risk along with that. Be careful, good luck, God Bless.
To my knowledge, there is is not a minimum amount. The amount of your loan proceeds depend on the value of your home (an appraisal must be done) and your county of residence. Loan amounts are broken down by county of residence. You DO have to have a certain amount of equity in your home, as you can only borrow a percentage of the home's value.
In addition, in many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details. This type of loan is not right for every individual or every situation, so, do consult a professional.
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Reverse mortgages are based on two factors, the age of the youngest occupant and the value of the property. The older you are, the more you can borrow and the higher the value of the property, the more you can borrow. Different lenders have different age entry levels, and the percentage of equity or amount of money you can leverage depends upon your age.
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What are the reverse mortgage scams taking place today?
Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed
Do you have a mortgage from AARP Reverse Mortgage?
No I do not have a mortgage from AARP Reverse Mortgage because I am not 100 years old. That is for old people who need money and do not need their house any longer because they will be dieing soon.
What do you do with marketing and reverse mortgage?
There isn't any marketing that you need to do for an reverse mortgage. All you have to do is visit a local realator and you can also go online and search under reverse mortgage.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
What is a reverse mortgage counselor?
A reverse mortgage counselor is there for you if you need advice or help. What you need to do is get in contact with your mortgage company and ask to speak with a counselor. They will be able to direct you to the correct person to speak with.
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
How do you pay back Reverse mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
Can you prepay principal on a reverse mortgage?
A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in years you don't need one. You can move at any time, refinance it, or streamline it to a new reverse mortgage.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What exactly are reverse mortgage leads?
"Reverse mortgage leads are people who need to refinance their mortgages. Companies get this information, and then sell these peoples numbers to banks that do mortgages."
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
What do I need to know in order to get a reverse mortgage?
You need to check with your bank, financial planner, or online resources to determine what steps and information you need to take to determine if a reverse mortgage is right for you. Once you have determined this, there are a variety of services out there that offer, rate and have information about reverse mortgages.
