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Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

Mountain Mortgage Guy: Getting a reverse mortgage on a condominium requires planning ahead (column)

As the population of Eagle County ages, more homeowners are finding that a reverse mortgage might be a valuable part of their retirement planning. As many homeowners are cashing out of their homes and downsizing to condos, it's important to understand the process for getting a reverse mortgage to start with and the added layer of getting one on a condo.

For those who have never studied reverse mortgages, the short version is that if you are buying, then you will need to put down a large down payment, depending on the loan amount and your age (the older you are, the less you have to put down). If you are refinancing and paying off your current mortgage with a reverse, then the same parameters apply.

You need to be at least 62, and it helps if both spouses are at least that age. Typically you will need to put down 50 percent to 60 percent of the purchase price, and you can then get a mortgage for the balance of it. Typically the max you can borrow on a conventional reverse loan is in the mid-$300,000 range. However, we are starting to see some private portfolio reverse loans go much higher.

if i apply for reverse mortgage do i need equity on my property?

Yes,, you need 40% and can borrow up to 80% of the value (total liens).

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