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will i quality for reverse mortage

will i quality for a reverse mortage by clara hudson from mt.gilead, North Carolina. Aug 21st 2009 Reply


Debra Clark (Debra Clark)
#147 ranked lender in California - 42 contributions

Hello Clara -This really depends on several factors including your age, your home value and how much you owe on it, but what it does not depend on is your credit profile which is a good thing. Let us know if we can help further.

Aug 21st 2009
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Nadia Hilkert (nhilkert)
#6 ranked lender in Hawaii - 1 contribution

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Aug 21st 2009
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- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 377 contributions

Clara,To add to what has been stated, the minimum age is 62 years. Also, it is very important to understand the advantages and disadvantages clearly before proceeding. I hope this helps....

Aug 21st 2009
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sara rincon (mortgagemaster)
#22 ranked lender in Florida - 1 contribution

Hi Clara,A reverse mortgage allows homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. How Much Money you can get depends on your age,the appraised home value to name a few.In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get. The most important question is Does your Home Qualify because if you are 62 or older, you have met the first reuirement - home value is the 2nd most imprtant aspect to consider.Hope this helps you let me know if we can further assist you.

Aug 22nd 2009
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