Glena T. Dee

Arthur,
I am both a Relator and a loan officer. I am fully trained in Reverse Mortgage and I can help you. Someone who said that the only loans that are being qualified these days are scores of 700+ tells me that she has very limited knowledge of how Reverse Mortgage works. Reverse mortgage does not ride on credit scores, so even if you have bad credit...you can still qualify. Also, you are guaranteed not to lose the home where you live. For as long as you are residing there, the bank cannot take your home away from you. If you have very little equity, you will not be approved in the first place, but in your case, your home will be fully-paid, so you will have lots of equity to cover you. The idea is that you are never to worry about losing your home for as long as you live there.

Like what Alan Jones from Phoenix said, you will have to wait 6 months for seasoning before you can apply for a Reverse Mortgage.

It is dangerous for people to give advice when they know very little. People who are giving the idea that you could loose your home to a Reverse Mortgae have not educated themselves on how it works and gives advice based on assumption. I have seen my clients signing documents that states that their reverse mortgage Note are due in the year 2062...even 2096 - that does not look like they are going to lose their homes in their life time.

If you want to talk to a specialist on Reverse Mortgage, let me know and I will direct you to the right path. I also live in North Las Vegas, so if you have made your mind in purchasing a home, please feel free to contact me and I will be more than happy to assist you.

Best, Glena - Sun Jul 27 2008, 00:24

In response to your post, I am going to go ahead and provide a link to my BLOG here. With our company, 95% of the commission goes to the agents. Our program beats the 100% compensation structure for the simple reason that whether you produce or not, for as long as your team is producing you will make money, while the 100% commission model, if you don't produce, you don't get anything.

Please read the entire BLOG before you decide at
http://activerain.com/blogs/glenadee

Whatever you decide, good luck! - Sat Jul 26 2008, 22:02