Michael Manfredi (602) 456-0009 has closed another Arizona reverse mortgage for Mr. and Mrs. Phoenix, AZ. The property consists of a custom home located on 2.5 acres in a suburban part of Phoenix. Due to the current economic conditions, at $410,000 the appraised value of the home is actually less than the cost to build this home new. The borrowers are releasing some of their equity in this home to pay for another home purchase with the cash they will receive from the reverse mortgage. They are buying the new home for their granddaughter who requires special medical care.
5.56% Fixed Rate Reverse Mortgage
Low, fixed rate reverse mortgages yield the highest net benefit to the borrower and are in great demand, however, these Ginnie Mae packaged loans can be hard to get. A detailed appraisal report with adequate current data is required for these, somewhat elusive deals. For a complete list of our recommendations on how to make sure your appraisal meets these guidelines, or to talk with Mr. and Mrs. Phoenix, AZ contact me directly at 888-697-5556.
Michael Manfredi is an Arizona Reverse Mortgage Specialist
Reverse Mortgage Concepts
Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556
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