Refinance or Reverse Mortgage

You could try to get quotation on Loan Consolidation Company.

Your current credit or income is not a factor when applying for a reverse mortgage. Please contact Mr. Michael at 1-877-414-HIRE ext 100. He can refer you to a mortgage banker.

Peter T Siekierski

Vice President

H.I.R.E. FINANCIAL, LLCLoan Modification, Debt Settlement & Legal Referral Services
P:1-877-414-HIRE ext 101
F:1-201-426-2381
 

 
 

Here's a helpful link:

http://www.reversemortgage.org/Default.aspx?tabid=255

The best way to find a Reverse Mortgage Lender is by asking your friends and relatives if they can recommend one.  Pastor's are also a good referral resource.

I don't believe credit is a big deal for a reverse mortgage - because it's based on the equity you already have in your home.  Consider the pros and cons before entering into a reverse mortgage.  It's not for everyone.  Here's some more information:

http://www.articleinsider.com/mortgage/massachusetts-mortgages/reverse-mortgages

You might have a problem qualifying to mortgage refinance based on your income. Beyond having good credit, the lender needs to see an income stream large enough to cover the payments on the loan.

A reverse mortgage gets past that issue because there are no contractual payments on the reverse mortgage. The interest expense on the money borrowed goes against the equity you have in your home. For that reason you also don't get to borrow as much because the lender needs to allocate a portion of your home's equity to estimated interest expense.

In general terms, the loan is called when you move out of the house, sell the house or upon your death. Any remaining equity not required for interest expense or principal repayment is yours -- or your heirs'. A Bankrate feature, "reverse mortgage are useful but take care," has more on reverse mortgages.

As you found out, closing costs on a reverse mortgage are very expensive when compared to closing costs on a traditional first mortgage loan. One way to try to hold these costs down is to shop the three main reverse mortgage loan programs and compare costs. If you do this in a concentrated time period of a few weeks it won't negatively impact your credit score because it's obvious that you're doing a little comparison shopping.

You can apply here to get reverse mortgage solution