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Asked by a 93 year old man from CA on 11/18/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Residents of Laguna Woods can't get a Reverse Mortgage. FHA-approval for the condominium side of Laguna Woods expired on September 30, 2001, and the HOA has no plans to get re-approved. (Read More)
Asked by someone from CA on 11/18/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
>>what does that do for those who have had a reverse mortgage prior to August 2014 It has no impact. Those people aren't protected under the new guidelines. You'd need to refinance your Reverse Mortgage with another Reverse Mortgage, to add the other spouse to the Title. >> Also I am on the title. Does that make any difference? Yes, but ... (Read More)
Asked by a 93 year old man from CA on 11/18/2014
Tricia Drago
Tricia Drago,  says
Here are some helpful links to explain reverse mortgages http://www.newretirement.com/reverse-mortgage/how-reverse-mortgages-work.aspx And one of our new videos http://www.newretirement.com/blog/2014/10/30/video-how-does-a-reverse-mortgage-work/ Keep in mind your property must be FHA insurable, if you have a condo it must be an FHA ... (Read More)
Asked by a 70 year old man from NV on 11/14/2014
Tricia Drago
Tricia Drago,  says
At age 70 you would be eligible for about 58% of your home's appraised value before closing costs in today's interest rate environment. You do have the option to bring money to closing to pay down your mortgage. Some lenders may even offer a credit to help you qualify. Also please be aware that the amount you ultimately qualify for depends on: ... (Read More)
Asked by a 77 year old man from ID on 11/19/2014
Tricia Drago
Tricia Drago,  says
Provided that your spouse is not younger than you. At age 77 you would need to have your mortgage paid down to about 58% of your appraised value. If your home appraised for $150,000 you might qualify for about $90,000 after closing costs, this is just an estimate. If you had a younger spouse, aged 72 (I am using your example because I can ... (Read More)
Asked by someone from CA on 11/18/2014
Tricia Drago
Tricia Drago,  says
The Non-Borrowing (NBS) spouse rules allow a consumer who is 62 and older to get a reverse mortgage if their spouse is not yet 62. This does require the spouse coming off the title to receive the loan, however the younger spouse can be added back to the title afterward. If a reverse mortgage is done with a NBS, the loan becomes deferred at the ... (Read More)

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