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6385 Old Shady Oak Road, Suite 250 Office 209 Eden Prairie, MN 55344 Tel (612) 396-6802 [email protected]
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- monday: 8:00AM – 5:00PM
- tuesday: 8:00AM – 5:00PM
- wednesday: 8:00AM – 5:00PM
- thursday: 8:00AM – 5:00PM
- friday: 8:00AM – 5:00PM
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- Reverse Mortgage
Alina Passarelli
- Certified Reverse Mortgage Professional
- Eden Prairie, MN Mortgage Loan Officer
- NMLS #525407
I’ll be with you every step of the way
Hi, my name is Alina, and I joined the mortgage industry in 1999 because I’ve always loved the homeownership process. Once I discovered the benefits of reverse mortgages, I was hooked! As a Certified Reverse Mortgage Specialist at our Eden Prairie branch, I’m proud to offer the expertise of America’s #1 Retail Mortgage Lender to help you secure your financial future.
I have a deep respect for the wisdom and experiences of our elders and truly enjoy working with older homeowners, their families, and trusted advisors. My greatest satisfaction comes from helping clients achieve their financial goals, secure their homeownership, and enjoy a comfortable retirement.
I’ve written many articles for major industry publications, including Reverse Mortgage Magazine. I also teach continuing education courses for the Financial Planning Association and the Institute for Divorce Financial Analysts. Through my writing and teaching, I’ve empowered people to use home equity wisely in holistic retirement income planning.
Alina’s testimonials
Guides and resources
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Inspiration for your home loan journey
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.