Thursday, July 2, 2009
Where to find the best rates for a reverse mortgage in New York
Helpful video for finding the best rates for a reverse mortgage and the steps to take if you're looking to apply.
Monday, June 29, 2009
Reverse Mortgage Intro
Cost: The cost of a reverse mortgage varies considerably from one type to the next.
Best rates for a reverse mortgage New York can help walk you through the process.
Home owners can typically use the money received to offset the loan fees. The
costs will be added to the loan balance and must be repaid with interest once the loan
terminates.
Repayment: Reverse mortgages do not require any payment as long as the borrower(s)
remain in the home. Should the borrower(s) pass away, sell the home, or permanently
relocate, then the loan would be due in full, along with the interest and additional costs.
If two borrowers are on the loan and one dies, the loan would not be due, since of them
still occupies the home.
Home Equity Conversion Mortgage – The Federally Insured Loan
The most common type of reverse mortgage is the Home Equity Conversion Mortgage,
otherwise known as the HECM mortgage. This is the only reverse mortgage program
that is federally insured and backed by the U.S. Department of Housing and Urban
Development (HUD). This type of reverse mortgage is popular for a few reasons:
Ability to choose the interest rate.
Borrowers can select one that changes annually or one that changes every month.
Several payment options.
Homeowners may receive monthly loan advances for a fixed term or for as long as
borrower lives in the home. Borrowers may also choose to receive a line of credit or
combine monthly loan advances with a line of credit.
The loan can be used for any purpose.
With a HECM, borrowers don’t have to designate the loan to a specific use; the funds
can be applied to anything the borrower chooses.
Protection.
This is one of the most attractive features for a HECM. This plan protects the borrower
by guaranteeing continued loan advances even if the lender defaults.
Please post any questions or suggestions on best rates for a reverse mortgage New York
Roll
Best rates for a reverse mortgage New York can help walk you through the process.
Home owners can typically use the money received to offset the loan fees. The
costs will be added to the loan balance and must be repaid with interest once the loan
terminates.
Repayment: Reverse mortgages do not require any payment as long as the borrower(s)
remain in the home. Should the borrower(s) pass away, sell the home, or permanently
relocate, then the loan would be due in full, along with the interest and additional costs.
If two borrowers are on the loan and one dies, the loan would not be due, since of them
still occupies the home.
Home Equity Conversion Mortgage – The Federally Insured Loan
The most common type of reverse mortgage is the Home Equity Conversion Mortgage,
otherwise known as the HECM mortgage. This is the only reverse mortgage program
that is federally insured and backed by the U.S. Department of Housing and Urban
Development (HUD). This type of reverse mortgage is popular for a few reasons:
Ability to choose the interest rate.
Borrowers can select one that changes annually or one that changes every month.
Several payment options.
Homeowners may receive monthly loan advances for a fixed term or for as long as
borrower lives in the home. Borrowers may also choose to receive a line of credit or
combine monthly loan advances with a line of credit.
The loan can be used for any purpose.
With a HECM, borrowers don’t have to designate the loan to a specific use; the funds
can be applied to anything the borrower chooses.
Protection.
This is one of the most attractive features for a HECM. This plan protects the borrower
by guaranteeing continued loan advances even if the lender defaults.
Please post any questions or suggestions on best rates for a reverse mortgage New York
Roll
Subscribe to:
Posts (Atom)
