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When seniors apply for a mortgage, lenders look at the same financial criteria as they do for any other borrower, including credit history and score, debt-to-income (DTI) ratio, income and other ...
DTI = Monthly debt payments (including mortgage or rent) / monthly gross income x 100. Some lenders allow a DTI ratio as high as 50 percent, but most prefer to see you spend less than 45 percent ...
If you're at or near retirement and looking for a new mortgage, it might call for more preparation than any previous home purchases. While many in their 60s and 70s are still working full time and ...
the borrower must be over a certain age, usually 60 [7] or 65; [8] if the mortgage has more than one borrower, the youngest borrower must meet the age requirement [7] the borrower must own the property, or the existing mortgage balance must be low enough that it will be extinguished by the reverse mortgage proceeds, thus leaving the reverse ...
Reverse Mortgage For seniors who qualify, a reverse mortgage could be a great alternative to a standard second mortgage. This loan allows homeowners age 62 or older to convert part of the equity ...
Home equity conversion mortgages, also called reverse mortgages, can be a boon for seniors who own their homes but whose income has dropped. With a HECM, the lender makes payments to the borrower ...
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