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Asked by a 64 year old man from NJ on 4/22/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Asked by someone from IN on 4/21/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
You borrow a portion of the appraised value of your home. The older you are, the more you can borrow. If you're 62, the amount you can borrow is approximately 50% of the value. (Read More)
Asked by someone from WA on 4/20/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
If you've selected the Credit Line option, the equity that resides in the Credit Line will increase/grow every month. The Credit Line growth rate is always 1.25% above the note rate. So if your interest rate was 3.00%, your Credit Line growth rate will be 4.25% Don't confuse it with "interest". It's the "equity" that grows. (Read More)
Asked by a 70 year old woman from UT on 4/18/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Every Lender is different, and some will pay all, or a portion of the fees, depending upon how the loan is structured. Right now, for the fixed interest rate programs, my interest rates are 4.25 - 5.06%. The margin for the annual adjustable program is 2.125 to 3.00 (Read More)
Asked by someone from MA on 4/18/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Yes. The ability to purchase a home with a Reverse Mortgage became available January 1, 2009. If the youngest borrower is 62, the down payment is approximately 50%, and the Bank lends the remaining 50%. and you'll never be obligated to make a monthly mortgage payment. The older you are, the less down payment. I quoted a Reverse Mortgage ... (Read More)
Asked by someone from NY on 4/14/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
You can get a Reverse Mortgage on a condo if the condo complex is FHA-approved. Reverse Mortgages aren't available for co-ops. (Read More)

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