![]() If you find out your outstanding bills are hindering loan approval, you can choose to "pay off debt to qualify,"-which means applying some or all of your loan proceeds to outstanding debts at closing. If you keep the loan-to-value ratio relatively low and you have a good credit rating, you have an excellent chance of getting approved. For instance, if your monthly Social Security benefit is $1,000, for loan approval purposes you'll get credit for receiving $1,250. A traditional fixed-rate forward mortgage can offer these heirs a funding solution, but they. In addition, underwriting for a traditional cash-out refinance allows "grossing up" Social Security benefits and other non-taxable income by 25 percent. Heirs who want to keep the home can face problems if it has a reverse mortgage that they cannot repay. If you have $500,000, for example, you add $1,944 per month to your income to qualify for a 15-year loan term or $972 per month to qualify for a 30-year loan. The lender takes 70 percent of your qualifying retirement savings and divides it by the number of months in the loan term. This is true for government-sponsored home equity conversion mortgages (HECM) and most private reverse mortgages. Enjoy your hard-earned wealth today.New guidelines for traditional refinances might allow the inclusion of retirement savings in a borrower's qualifying income - referred to as "asset depletion" or "asset dissipation" - for purposes of loan approval. First and foremost, the homeowner must be 62 or older. Give us a call today to start setting up your mortgage. You’ll be able to see just how much you can earn and how much your loan will be after a few years. We’ll show you how to use our mortgage calculator. Call us at (844) 977-0131 or fill out the form below and discover why our best-in-class service has more borrowers choosing FAR. We’ve helped thousands of seniors in Texas with their finances already. Our licensed specialists are ready to help you get the most out of your home and find specific numbers like your maximum payout while guiding you toward the right decision for achieving your retirement goals. Contact John at C2 Financial to learn how easy he makes the process. If you’re curious about how a reverse mortgage can impact your finances, then give our company a call today. Discover how much equity you have in your home by using a reverse mortgage calculator. Contact Our Reverse Mortgage Team in Texas Today We’re dedicated to finding you a deal and program that will make your retirement more comfortable. Our reverse mortgage lenders will work closely with you to help you choose the option that fits your needs the most. That’s why we offer several different services and types of reverse mortgages. During that time, we’ve learned how to help our clients in the best ways possible. When it comes to your money, you want to trust it in the hands of inexperienced companies? Our reverse mortgage brokers are options that allow your loan options to be catered to you.Īnother reason to choose our reverse mortgage solutions in Houston, Texas is because of our experience. We know there are plenty of reverse mortgage companies in Dallas, Texas, but none compare to the customer services and help of our brokers. Why You Should Choose Our Reverse Mortgage Lenders If you want to grow your wealth in your senior years, then our reverse mortgage loans may be exactly what you need. One excellent benefit of working with our reverse mortgage brokers is that you can also receive a loan to do some investing with. We’ll work closely with you to determine what kind of reverse mortgage loans work for your specific case and what rates are available for you. Our best reverse mortgage brokers will work tirelessly to ensure you receive the best rate possible. Getting a rate catered to your situation is the ideal solution. This is the only loan you don’t have to pay back while you’re alive. Our reverse mortgage lenders in El Paso, Texas can give you a reverse mortgage at an incredibly low rate. ![]() Not paying back your loan unless you move.Reverse mortgage options for investing and real estate.Extra money each month to cover expenses. ![]()
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