Jumbo Reverse MortgageReverse Mortgage Loan Advisors

Introducing For 2018 – The Reverse Mortgage At Age 60 Program

For the last 9 years or so, reverse mortgages could only be attained by homeowners aged 62 and older.  Guess what!  It’s the dawning of a new day.  When it comes to reverse mortgages, age 60 is the new 62 for 2018 and beyond.  Introducing, the reverse mortgage at age 60 program.  It is going to be called the Equity Edge Reverse Mortgage.

Yes, There is a new program by an investor that will allow different lenders and brokers alike to offer this new program.

Reverse Mortgage At Age 60 Program
Reverse Mortgage At Age 60 Program

The name of the reverse mortgage at age 60 program is the “Equity Edge”.  Unlike the FHA version of the reverse mortgage, it initially won’t be available to every homeowner that is age 60 and older.

GET YOUR FREE INFO KIT! EMAIL US AT  Info@ReverseMortgageLoanAdvisors.com

Who Can Take Advantage of The Reverse Mortgage At Age 60 Program (Equity Edge Reverse Mortgage)?

This will be ever changing for as long as this Equity Edge program exists, but as of now here are a couple of the basic requirements:

  1. There is no hard, fast rule, but they prefer to lend on homes valued at $700,000 or more. However, we can do them for homes with values as low as $300,000 – $350,000.
  2. The minimum loan amount is $100,000 or more.
  3. Condominium owners that have an HOA that is NOT approved by FHA/HUD may be able to take advantage of the Equity Edge Reverse Mortgage At Age 60 Program. However, they will likely lend slightly less than for a stick built home.

    Equity Edge Reverse Mortgage
    Equity Edge Reverse Mortgage

GET YOUR FREE INFO KIT! EMAIL US AT  Info@ReverseMortgageLoanAdvisors.com

Equity Edge – Reverse Mortgage At Age 60 Program Questions & Answers

Question:  Is there a minimum credit score requirement?

Answer:  Yes, there is a minimum score requirement.   The minimum credit score required is 620.  However, exceptions can be made.  It will just depend on all of the other variables.

Question:  What is the maximum loan amount?

Answer:  Right now, the maximum loan amount is slated to be set at $3,000,000.

Question:  Can this program be done in every state throughout the U.S.A.?

Answer:  This program currently has a limited state footprint (06/27/2018).  The program can only be done in CA, FL, NJ, OR, VA, & DC.  The investor will slowly add more state availability.  Feel free to check in at any time to find out if the Equity Edge is available in your state.

Question:  What type of properties can you do the reverse mortgage at age 60 program on?

Answer: At the present moment, the Equity Edge will be available for Single Family Residences (and PUD’s and Townhomes), some condos, and 1-4 unit properties.

Question:  What percentage of the appraised value can be borrowed?

Answer: Right now, the percentage that will be loaned is not known.  We will update as soon as we can, but It’s expected to be from 25% – 50% and will move up on a sliding scale and beginning at age 60.  Condos will more than likely get a slight decrease as compared to a single family home.

GET YOUR FREE INFO KIT! EMAIL US AT  Info@ReverseMortgageLoanAdvisors.com

Can You Get A Reverse Mortgage At Age 60
Can You Get A Reverse Mortgage At Age 60

Disclaimer:

www.ReverseMortgageLoanAdvisors.com Is not a lender, mortgage bank, or loan broker, nor is it associated with HUD or FHA. Reverse Mortgage Loan Advisors was created to provide information on the FHA insured reverse mortgage program as well as private, proprietary reverse loans.  However, the owner of the site is licensed as a reverse mortgage specialist in several states.  Anyone that inquires and requests more information may be contacted by the owner of this site.  If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.

For more in depth info on all Reverse Mortgage subjects, check out

www.reversemortgagecalifornia.biz 

www.reversemortgageloanadvisors.com

Reverse Mortgage Frequently Asked Questions

GET YOUR FREE INFO KIT! EMAIL US AT  Info@ReverseMortgageLoanAdvisors.com

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