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- tuesday: 8:00AM – 5:00AM
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- Reverse Mortgage
Doug Polk
- Reverse Mortgage Advisor
- Tucson, AZ Mortgage Loan Officer
- NMLS #339085
Financing futures with reverse mortgages
Hi, I’m Doug, and for over 12 years, I’ve provided clients with realistic solutions through reverse mortgages. Based in our Tucson, AZ branch, I understand that the process starts with listening. Whether you’re exploring options or preparing for retirement, I’m here to understand your situation and ease any concerns you may have. My favorite part of this job is providing people with peace of mind, and I look forward to doing the same for you.
As part of America’s #1 Retail Mortgage Lender, my team and I will be by your side from application to closing and beyond. We’ll guide you through your financing options and create a personalized plan just for you. If you have questions about your home loan, I’ll always be available to answer them. My top priority is making sure you feel comfortable and confident in your decisions. Ready to take the next step? Let’s start the next stage of your homeownership journey today.
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Frequently asked questions
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Refinancing costs typically range from 2% to 6% of the loan amount and include fees such as appraisal, title insurance, and closing costs. Factors like your loan type, location, and credit score can significantly impact these expenses. Our team can help to provide strategies that can help minimize costs.
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To determine how much home you can afford, you’ll want to assess your financial situation. This includes your income, expenses, and debt-to-income ratio, to ensure your mortgage fits comfortably within your budget. A general guideline is to spend no more than 28% of your gross monthly income on housing costs and 36% on total debt.
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A good credit score typically starts at 620 for conventional loans, while FHA and VA loans may accept scores as low as 500, though higher scores offer better terms. A strong credit score can help you secure lower interest rates, saving you significant money over the life of a home loan.
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A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity in their home. HELOCs function like a credit card, giving access to funds up to a set limit, which can be used for expenses like renovations or debt consolidation. You only pay interest on the amount you borrow, and the repayment terms typically include a draw period followed by a repayment period.
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To calculate your mortgage payments, start with your loan amount, interest rate, and loan term. Your payment will depend on the interest charged over time and the repayment schedule. You can use a monthly mortgage payment calculator or connect with us to learn more.