Are you retired, have no first loan or very low rate first mortgage and don’t show much income in order to qualify for another loan?
Scenario: My client Eleanor is retired and shows very little income, enough to live on comfortably. She owns a beautiful home with a very low mortgage rate & loan amount. She wants $50-100k cash-out to pay-off a few credit cards and fix a few things on her home.
Her two main options are a reverse mortgage or No Income Document HELOC 2nd loan.
Solution and success story funding today, No Income Doc HELOC:
- $100k maximum loan amount
- 80% Combined Loan to Value
- 700+ credit score
- Prime rate (8% currently) + margin (.50% – 3.50% based on credit score)
- No closing costs
This loan program is also available for self-employed borrowers. The reverse mortgage is the absolute last resort, due to the high rates and fees.
For more info, call Dan the Man for Mortgages at 714-310-4162.
Rave client review:
“I would really like to thank Dan Stone for his expert assistance during our refinance process. He educated me so I could fully understand the steps involved. His rate and fee comparison clearly showed the best lender. Dan helped me make the right decision with the company that provided the best rate with the lowest closing costs.” -Dan C.
“I would really like to thank Dan Stone for his expert assistance during our refinance process. He educated me so I could fully understand the steps involved. His rate and fee comparison clearly showed the best lender. Dan helped me make the right decision with the company that provided the best rate with the lowest closing costs.” -Dan C.