I live in AZ but would like to move to NC and use a purchase reverse mortgage to buy a house. I am over 62, and am not married. How does this work ? Would I first have to find the house, or first get the loan approval there? by phxbar_601_635 from Phoenix, Arizona. Feb 4th 2013
You need to reach out to a Reverse Mortgage Specialist who can provide you with some quotes. Visit http://www.reversemortgage.org/ to locate a lender close to you. I could refer you to someone if you'd like, so please let me know. Thank you and good luck!
You need to reach out to a Reverse Mortgage Specialist who can provide you with some quotes. Good luck! Andrew Alfonso
You would need info first, I can help with that. We can give you an idea of what you'll need to do to qualify (age and the cash you'd be bringing to the table). You'll need to find a house (unless you already have) and you'll need to have a contract in place before you can take the reverse application. Before the application you'll need to receive HUD required housing counseling and in NC its required to be done in person.Let me know how I can help- I'm set up in NC and reverse is ALL I do. 240-506-4611 Rick Mcinturff NMLS #461948
Ideally, you want to reach out to a loan officer who is in the city you're looking to purchase in and get pre approved with him... Keep in mind that Reverse Mortgages are a no qualifying type loan, but when your purchasing a home with one, you need to have sufficient down payment, so you still need a pre approval letter to satisfy the sellers... and you also want to be sure you dealing with someone who is experienced at reverse mortgages, as most loan officers are not.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
The easiest way to find a qualified Loan Originator is by searching for one that is certified by The National Association of Mortgage Professionals has many very qualified Loan Originators. You can find one that serves your area at www.NAMB.org Click the Find a NAMB Broker tab and select your state. Members adhere to a strict Code of Ethics which benefits the consumer. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
If you are 62 years or older and have equity in your home, a reverse mortgage may be right for you. For additional information on http://www.reversemortgagelendersdirect.com/north-carolina-reverse-mortgage/ to contact a Reverse Mortgage specialist. They would be happy to meet with you at your convenience to explain the program and process and to review your needs. To know how does they work visit http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/. Thanks and good luck
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