With all the changes in today’s lending guidelines, we are seeing more borrowers inquire about Reverse Mortgages. This product can be a very effective tool when dealing with seniors who qualify. The challenge is that most people are unaware that the product even exists.
The majority of the loans I have done using this product, are from borrowers that applied for a more traditional loan. At first, most borrowers are skeptical. It seems unbelievable that you can get a loan buying a house that never needs to be paid back during your lifetime. But, after usually 45 minutes of bewilderment, most every borrower can’t wait to sign up. Here are some characteristics of likely candidates;
• Anyone 62 and older
• Seniors that have income that doesn’t meet today’s lending guidelines
• Seniors that have credit challenges (mortgage lates, pending foreclosure, credit scores under 620, etc…..)
• LTV’s 65% and under • Buyer’s that have ratio’s above 43%
I was once very skeptical of this product, but once I investigated, I have become one of its biggest advocates!! Visit Group One Mortgages Reverse Mortgage website to request an Evaluation today.