Need advice - trying to get pre-approved but am in a strange situation
Aloha, Both previous answers are accurate. Be totally upfront with your lender. Get qualified with your wife still on your in-laws loan, and with her off. If you can prove that her parents are making the payments, i.e., cancelled checks, then some lenders will not count that towards your debt. If I can be of...

15-yr vs 30-yr
Aloha Ralph,As Hans said, a 15 year is definitely more efficient. If you can afford the 15 year, I'd go with that. It all depends on your payment comfort/ability level. You could always go with the 20 or 30 year and make higher or extra payments when possible. Although you would be paying a higher rate,...

What exactly is the qualificatgion process for a reverse mortgage?
Aloha Sandy,Income and credit are not used as qualification factors. The only requirements are that they own the home they wish to stay in, that they are over 62 and that they have adequate equity. Based on the age of the youngest borrower, the approximate equity needed would be about 35%. Therefore, a...