Reverse mortgages

May 15, 2017

Reverse mortgages Rancho Santa Fe, CA

What are reverse mortgages? As opposed to making monthly payments to your bank, the lender sends money back to you instead. In other words, the stream of payments goes the opposite direction from what borrowers are used to. Reverse mortgages give retirees a simple way to tap their home equity without the risk of a conventional mortgage or having to sell their property and move to a cheaper housing. Here are some important facts about reverse mortgages, Rancho Santa Fe, CA: They have various payout options for you to tap your home equity. Five different payment plans are available. One type of payment involves taking equal monthly payments that run as long as one borrower is alive and resides in the home as a principal residence. A fixed term of years of payments is also available; after the specified term of payments, you will stop receiving monthly payments even if you are still living in the home. A flexible line of credit is also available; this gives you the choice on how much and when to take money out based on the maximum amount of the line. No access to the full equity. Reverse mortgages only offer a part of your home equity. The maximum mortgage amount is computed by the FHA based on the age of the youngest borrower, the appraised value of your home, and the prevailing interest rates. It is important to note also that borrowers have to pay the costs of a reverse mortgage such as […]
June 25, 2017

Some benefits of reverse mortgages, San Antonio, TX

Reverse mortgages, San Antonio, TX are one of the options you can take when shopping for home loan. But what exactly are the benefits of this particular type of loan? In this post, we’ll be sharing some benefits that might help you decide whether to go for it or not. No monthly payment required. This is why reverse mortgages are attractive to borrowers. Instead of paying monthly premium, payments are made to you; that is, as long as you live in your home. Indeed, quite different from a traditional forward mortgage. You remain the owner of your home. Contrary to the popular belief that the lender takes ownership of your home, a reverse mortgage allows you to remain as the owner of your property; that is, as long as you comply with the terms of the loan and religiously pay your taxes and insurance. There are several options of disbursement. Lenders recognize the fact that each and every senior has different needs; thus, several disbursement options are available for you to choose from. You can choose to receive funds in full or partial sum, monthly payments, a line of credit, or a combination of any of the options. Housing market protection. If there are market declines mortgage, no worries as you are protected. The reason is that reverse mortgages, San Antonio, TX are insured by the federal government. With federal insurance, there is greater security. If the loan ends up to an amount that is more than the value of […]
June 25, 2017

Benefits of reverse mortgages, San Jose, CA

Reverse mortgages, San Jose, CA are one of the options you can take when shopping for home loan. But what exactly are the benefits of this particular type of loan. In this post, we’ll be sharing some benefits that might help you make the best option. Monthly payment is not a requirement. This is why reverse mortgages are attractive to borrowers. Instead of paying monthly premium, payments are made to you; that is, as long as you live in your home. Indeed, quite different from a traditional forward mortgage. You remain the owner of your home. Contrary to the popular belief that the lender takes ownership of your home, a reverse mortgage allows to remain as the owner of your property; that is, as long as you comply with the terms of the loan and religiously pay your insurance and taxes. Medicare and Social Security benefits are not affected. Government benefit programs that do not test financial resources, such as Social Security and Medicare, are not affected by reverse mortgages. The reason for this is that reverse mortgages are considered loan proceeds and not income. There are several options of disbursement. Lenders recognize the fact that each and every senior has different needs; thus, several disbursement options are available for you to choose from. You can choose to receive funds in full or partial sum, monthly payments, a line of credit, or a combination of any of the options. Housing market protection. If there are market declines mortgage, no worries […]
June 25, 2017

These are some benefits of reverse mortgages, Tallahassee, FL

Reverse mortgages, Tallahassee, FL are one of the options you can take when shopping for a home loan. But what exactly are the benefits of this particular type of loan? Read on… as in this post, we will be discussing some benefits of reverse mortgage, which might help you decide whether to go for it or not. You remain the owner of your property. As opposed to the popular belief that the lender takes ownership of your property, a reverse mortgage allows you to remain as the owner of the property, provided you comply with the terms of the loan and faithfully pay your taxes and insurance. Monthly payment not needed. This is why reverse mortgages are attractive to borrowers. There is no monthly premium; payments are made to you instead; that is, as long as you live in your home. Indeed, quite different from a traditional forward mortgage. Housing market protection. You do not need to worry if there are market declines on mortgage as you are protected. The reason is that reverse mortgages, Tallahassee, FL are insured by the government. With federal insurance, there is greater security. If the loan ends up to an amount that is more than the value of the home when sold, the government will shoulder the difference. That means to say, the loan will be paid in full using only the proceeds your home sells for, and no more. There are several options of disbursement. Lenders acknowledge the fact that each and every […]