QUESTION:

down payment

Is there a certain percentage amount for the down payment on buying a home with a reverse mortgage? How can you figure it out?
asked by ls, 11/27/2009
Categories: Reverse Mortgage
ANSWERS:
Answered by: Chris Kreane, 09/27/11
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you should have roughly 40% as a down payment to qualify for the reverse mortgage - in some instances you will need a larger down payment upwards to 60% ( depending on your age, location, credit history and the lender you are working with )

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Answered by: Raymond Denton, 10/16/11
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Do a search for "purchase reverse mortgage calculator" in google and you'll find a calculator that'll provide an estimate. It'll be close, but the third party fees won't be correct. You'll need a Reverse Mortgage Loan Officer to provide you with a quote to receive an estimate with the proper fees.

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