REVERSE MORTGAGE AGENTS
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Reverse Mortgage AgentsWe feature licensed reverse mortgage agents and lenders that can help you determine the best option for your specific situtation.
About a Reverse MortgageA reverse mortgage is also commonly referred to as a home equity conversion mortgage (HECM) by many within the industry. In simple terms, a reverse mortgage allows a homeowner to borrow against the equity in their home and receive monthly payments or a line of credit.
The reverse mortgage is currently undergoing a number of proposed changes. Note, the current list of requirements below may change within the next year.
- Borrower must be 62 or older and occupty the property as a principal residence
- Must have enough built-in equity. The actual equity requirement will depend on each lender but generally, most lenders will require no higher than 60% loan-to-value ratio.
- Property taxes, insurance, HOA must be kept current
- Property must be kept in good condition
- Complete a reverse mortgage counseling session
- Property must be a single family home, 2-4 unit home with borrower living in one of the units, HUD approved condo, or a FHA approved manufactured home.
Featured Reverse Mortgage Agents
The Reverse Mortgage Team Powered by LeaderOne
American Advisors Group
Movement Mortgage, LLC
Proficio Mortgage Ventures LLC, subsidiary of Proficio Bank
PS Financial Services
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