the residual Andhra Pradesh State has been at 8.74, which is far ahead of the. On the other hand, those who are dependent on the loan for basic survival needs would have arbitrary obstacles thrown in their path. c) It is recommended that the eligibility for Advance for purchase of. After all, let's face it, while, say, a billionaire certainly wouldn't need to apply for reverse mortgage loan, s/he would almost certainly be approved hands down. In reality, however, the effect is the exact opposite. From what I learned, the original premise of the heck is to help low and middle income seniors get back on financial solid ground. To make a long story short, I am now living below the federal poverty level, struggling for survival, and residing in a homeless shelter, and fear living on the street. Consequently, the loan application was declined. Exact requirements vary based on family size and region. If residual income isn't higher than current minimum requirements, you may not qualify for the loan. Then, after reassuring me for several months, the loan application would definitely be approved, the agent sudden did an "about face" and informed me that I would be required to put up a realively sizable cash set-aside, which I couldn't afford considering my circumstances. Residual income equals gross income less maintenance and utility expense and other monthly shelter expenses. At first, the agent promised my application would be approved with no problem. At that point, I reluctantly decided to apply for a reverse mortgage loan. Had some assets for a while, but these were nearly deleted several years later. As it happens, I made the foolish decision to take early retirement. This is for Cherry, and, as it happens, she is correct that those who need the reverse mortgages the most probably won't qualify.
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