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Talking to a reverse mortgage advisor can be very beneficial if you are considering getting a reverse mortgage. Here are some of the ways that a reverse mortgage advisor could potentially help you.
Understand the Program
One of the biggest things that a reverse mortgage advisor can provide is understanding. They have a lot of experience in the reverse mortgage field and they will be able to explain to you how the process works. Since this is an unorthodox type of loan, there is a lot of confusion surrounding it. By speaking with a reverse mortgage advisor, you will be able to separate fact from fiction and determine if this is something that you want to pursue.
Talking to a reverse mortgage advisor can also help you determine if you are eligible for this type of loan. Not everyone can qualify for a reverse mortgage. Even though qualifying does not depend on your credit or your income, you will have to meet some other qualifications. For example, you will have to be at least 62 years old and have a house that is paid off or has a very small loan balance against it. If you are unable to qualify, the advisor will be able to save you some time and point you in another direction.
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