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Ask about our Reverse Mortgage Products and our 40 and 50 Year amortization loans. Increase your cash flow, enjoy your home.
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Senior Reverse Mortgages…
a loan Option for a modern aging lifestyle.
A reverse mortgage is a loan against your home that you do not have to re-pay for as long as you live in your home and you must be a senior, 62, to qualify.
With a reverse mortgage loan, as a senior, you can turn the value of your home into cash and not have to make monthly repayments. The total loan must be paid back when the last surviving borrower dies, permanently moves away, or sells the home.
Reverse mortgages are very quite a bit different from other types of home mortgages. So be sure to investigate reverse mortgages carefully before deciding if one makes sense for you. Remember, reverse home mortgage loans can be complicated, and you have a lot at stake so you should take some time to research these reverse mortgage products carefully. Fill out our simple reverse mortgage request form and speak to a knowledgeable mortgage professional. It only takes a minute and the information is invaluable. There is no obligation, you will not need to provide your social security number, you'll get all of your questions answered and, it's free!
Reverse Mortgages… Senior Independence
Until recently, there were two predominant ways to get equity from your home:
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You could sell your home, but then you would need to relocate
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You could borrow against the value of your home, but then you would have to make monthly mortgage loan repayments.
Now, reverse mortgages give you a third way of getting money from your home as a senior. And you don't have to leave your home or make regular loan repayments.
A reverse mortgage is a loan against your home that you do not have to pay back for as long as you maintain residence there. It can be paid to you in one lump sum, received as a regular monthly advance, or on occasions and in amounts that you choose. Reverse mortgage borrowers continue to own their homes. So you are still responsible for property taxes, insurance, and repairs.
As long as you live in your home, you will not need to repay most reverse mortgage loans. But they must be repaid in full, including all interest and other charges, when the last living borrower dies, sells the home, or moves away for good.
Because you make no monthly payments, your principal grows larger over time. As your debt grows larger, the amount of equity cash you would have left after selling and paying off the reverse mortgage loan normally shrinks. But you will never owe more than your home's value.
Some reverse mortgages are offered by State and local governments. These "public sector" loans generally must be used for specific purposes such as paying for home repairs or property taxes.
Other reverse mortgages are offered by banks, mortgage companies, and savings associations. These loans can be used for any purpose and the loan amounts normally depend on your age and your home's value and location. Usually, the older you are and the more expensive your home, the larger your cash amount. This amount also depends on the specific reverse mortgage loan you choose and varies greatly from one program to another. We suggest you initiate a consultation with one of our select reverse mortgage professionals. There is no obligation and no credit information will be required. These loan specialists will be happy to work with you and any of your financial advisors to ensure you receive the best possible advice and access to the very best and latest reverse mortgage loan products.
Be sure to ask about the federally insured Home Equity Conversion Mortgage (HECM). These loan plans generally allow much larger loan advances than other reverse mortgage products. The federally insured Home Equity Conversion Mortgage (HECM) is usually the least expensive reverse mortgage offered by the private sector.
Eligibility
All current owners of the home must apply for the reverse mortgage and sign the loan documents. All reverse mortgage borrowers must be at least 62 years of age for most reverse mortgage loans. Owners usually must occupy the home as a primary residence (where they live most of the year).
Single family one-unit dwellings are eligible properties for all senior reverse mortgages. Some programs also allow 2-4 unit owner-occupied dwellings, along with some condominiums, planned unit developments (PUD), and manufactured homes.
New Reverse Mortgage Products Introduced - March 19, 2007
More lenders are offering their own reverse mortgage products, so that consumers have greater choice. Most of these programs have lower upfront costs and higher loan limits, compared to the FHA Home Equity Conversion Mortgage. Even new variations of the HECM, including a fixed rate option, have been introduced. We will be providing additional information on these programs in the coming weeks.
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Record Number of Reverse Mortgages Made in February - March 19, 2007
For the second straight month, the Federal Housing Administration (part of the U.S. Department of Housing and Urban Development) insured a record number of reverse mortgages. In February, FHA insured 9,349 reverse mortgages, compared to 8,824 in January and 5,841 loans in February 2006. So far, FHA has endorsed 42,191 loans during the current federal fiscal year (beginning Oct. 1), compared to 26,160 during the same period last year.
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