 |
 |
|
|
Financial freedom reverse mortgageFinancial reverse mortgage Reverse mortgage is a loan with the help of which people above the age of 62 years can transform a part of the equity in their house into tax-free income without opting to sell their house or transfer the title of their house or to make monthly payments. The loan becomes due only when the borrower leave the house. One of the most trusted names in reverse mortgage lending is Financial Freedom. There are a number of senior people who opt to take reverse mortgage from Financial Freedom because of the following reasons : They have been giving out reverse mortgages since the late 1980 s and hence have helped a number of senior citizens by lending them money. They specialize only in the area of reverse mortgage and do not promote or sell any other mortgage or financial product.
Before they loan out the money they educate the borrowers about the reverse mortgage and the advantages and disadvantages that they would face after taking these loans. They have a wide range of reverse mortgage products that you can choose from depending on your needs and financial condition. They have no confusing transitions and once you take the loan from them you will stay with them even after the loan closes. The lending process at Financial Freedom When you apply for reverse mortgage at Financial Freedom then you would go through the process as mentioned below : Initial conversation: When you approach Financial reverse mortgage Reverse mortgage then the first thing that they do is would discuss with you and determine whether reverse mortgage is a good option for you or not. They discuss the pros and cons of the loans and the money that you can receive.
Counseling: If you feel that you need reverse mortgage and it is a good option for you then you would receive free counseling from a HUD-approved certified counselor. The counselor would make sure that you have all the knowledge about the loan and whether all your queries have been answered.
Appraisal: After this an appraisal to assess the market value of your house is carried out and also it is determined whether you need any repairs to meet the guidelines by the Federal Housing Administration.
Inspection: In most of the cases inspections and carried out on the house to determine whether it requires any repair and whether there are damages because of termites and whether there is any rot damage.
Underwriting: After the appraisal and inspections reports are received then representatives at Financial reverse mortgage Reverse mortgage would go through the normal loan processing procedure.
Closing: This is the last and the most important step where you receive the money and you select the type of payment that you wish to receive. Payments can be made in there types either line of credit, lump sum payments or monthly payments. The use of the reverse mortgage that you get from Financial Freedom depends on you whether you use it for your expenses, financing needs of your family members or renovate your house. The consumer safeguard at Financial Freedom
Financial reverse mortgage Reverse mortgage follows the highest ethical standards and keep up with their reputation of providing the best reverse mortgage option that you can get. They are founders of the National Reverse Mortgage Lenders Association (NRMLA) and they abide by the Code of Conduct and the Best Practice standards that have been made to protect the seniors from any sort of predatory lending . The reverse mortgage specialists at Financial Freedom dealing with you would provide you with a document and a software program that would explain you the reverse mortgage program and the products that are available with the company. They encourage senior advisors for their loan products to meet their reverse mortgage specialists and review their needs and the options that are available to them. The specialists at reverse mortgage get the best training in the industry so as to protect the interests of the senior citizens. Financial Freedom reverse mortgage products There are three types of reverse mortgage products available with Financial Freedom. HECM Advantage: (Home Equity Conversion reverse Mortgage). This is a federally insured reverse mortgage and most of the reverse mortgages are of this type. The maximum amount of loan that you can get is determined by the FHA and is based on the age of the borrower and the value and location of the house. The limit to lending under this program is $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Fannie Mae Home Keeper Reverse Mortgage : This is an alternative to the HEMC reverse mortgage. This loan program is sponsored by the government and works in the similar manner to the HEMC. At present the maximum amount that you can borrow through this program is $417,000. The interest rate is variable and depends on the Certificate of Deposit and varies every month. Financial Freedom Cash Account Advantage Plan : This program is meant for seniors who have enough home equity or homes of higher values. This option does not have any limit on the amount of loan or the home value. The origination fee on this program is 2% or $2,500 which ever is greater of the initial advance limits. The minimum amount that you can draw after the closing is $500 and if there is any unused line of credits then they grow by 5% every year. For more details on the loan products by Financial Freedom reverse mortgage you can contact them at Financial Freedom Senior Funding Corporation 1 Banting Irvine, CA 92618 Phone (949) 923-3800 Toll Free (800) 500-5150 Fax (949) 923-3801 http
Other Articles
|
