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1. HOW IT WORKS |
| What you need to know
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READ MORE |
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2. QUOTE CALCULATOR
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| How much you can get |
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READ MORE |
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3. REQUEST INFO & DVD
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Review your options |
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READ MORE |
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Reverse Mortgage for Purchase
Comparison to Other Options
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Reverse Mortgage |
Forward
Mortgage |
100% Cash Down |
| Monthly
Payments |
No |
Yes |
No |
| Income
Requirements |
No |
Yes |
No |
| Credit Requirements |
No |
Yes |
No |
| Appraisal |
Yes |
Yes |
No* |
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Debt to Income Requirements |
No |
Yes |
No |
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Loan to Value Requirements |
Yes |
Yes |
No |
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Pre-Payment Penalties |
No |
Typically. Be very careful |
No |
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Recap |
Saves a second closing |
Due to the current credit crunch, it's
hard to get a good deal. |
If
you've got it, this will be the least expensive.
You can always get a reverse mortgage later. |
* Although not required, it is best practice is
to get an independent appraisal to make sure
that you get a fair deal on the purchase price
of the house.
Have Questions? Call us anytime at
1-866-571-3662.
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| powered by:
Quadrant Technology, LLC |
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