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Info mortgage reverseInfo mortgage reverse : Reverse mortgages are a good option for people who are old and find it difficult to keep up with their day-to-day expenses or paying their bills. The government has made available these mortgage options with the help of which people over the age of 62 years can apply for these loans and cash the equity in their house.
For applying for these loans there are some eligibility criteria that need to be fulfilled like:
The borrower should be 62 years of age
There should be enough equity in the house
There should be no previous debts to be paid
Your house should meet the criteria specified by the HUD and the FHA.
The house whose equity you are en-cashing should be your primary residence.
When should you consider taking a reverse mortgage
A Info mortgage reverse should be considered in the following situations.
Types of reverse mortgages
Depending on your situation and the equity and location of your house the counselor would suggest which option of reverse mortgage would be the best for you. There are basically theree types of reverse mortgage plans and every type has its own advantages and disadvantages. Moreover, with every type the amount that you can borrow, the payment options and the interest rates and the closing costs differ.
The Home Equity Conversion Mortgage (HEMC): This is the most common type of reverse mortgage and almost 80% of the reverse mortgages comprise of this type. This is a federally insured program and provides the borrowers with more cash that what is available with any other program.
When you take this type of reverse mortgage then you are supposed to undergo independent counseling. With this program you can get the money either on a monthly basis or as a line of credit. This program has the lowest interest rate
Fannie Mae program: This is also popular as the Fannie Mae program or the Home Keeper. You can take this type of reverse mortgage if your home is a bit costlier than the average homes in your location. You can obtain higher amount of loan with this option. You can get the money as monthly payments till you live in the house.
Cash out plan: This loan option is also popular as the cash out loan program. This is usually meant for seniors who have luxurious houses and a lot of equity in their house. Paying back the reverse mortgage When you take any mortgage then the main thing of concern is paying it back. However, with reverse mortgages you need not worry about paying it back.
The reverse mortgage is to be paid back only when the house against which the mortgage is taken is no longer the residence of the borrower. Moreover your heirs are not supposed to pay any money towards the loan. Either you or your property pays for itself and the total amount, the interest rate and the closing costs are all met. IF there is any extra equity left in the house then it is given to your heirs.
However, most of the times, the inherited property is sold to allow the distribution of the inherited assets. There is no such requirement that the reverse mortgage should be paid on the death of the person after the house is sold. The mortgage can be paid from other funds or if the heirs can take a refinance and pay it off if they wish to own the house.
The interest rates on the reverse mortgage are similar to any other normal mortgage and can either be fixed or adjustable. When you sign up for these mortgage options then you should ask your lender about the interest rates as well as other closing costs.
Lenders for reverse mortgage
Some of the lenders for reverse mortgage are mentioned below.
Affordable reverse:
They give out Info mortgage reverse and educate people on the different types of reverse mortgages that are available . They provide 20% discount on the origination fees and help you qualify the standards of FHA and HUD. You can contact them at 3825 Henderson Boulevard Ste 400, Tampa, FL. 33629, Email: , Phone: 800-743-6030, 404-642-1137.
Seniors Reverse Mortgage Inc.:
They are a California based Info mortgage reverse lenders that specialize in giving out reverse mortgages. They provide loans according to your need. You can contact them at 3478 Buskirk Ave, Suite 343, Pleasant HillCA 94523; Call Toll Free: 1-877-407-1041;
Cal Pacific Reverse Mortgage:
They provide reverse mortgages of all types and educate you on the different types of mortgage programs that they have so that you can apply for one according to your needs and requirements. You can contact them at 5080 Shoreham Place #105 San Diego California 92122; Phone: 866-809-0562 Cell Phone 858-395-7753.http://www.financialone.com/mortgages/no-cost-mortgageNo cost mortgages may cost youhttp://mortgage.fidelitylabs.com/articles/Refinance_bestrates_yourlender.shtmlShould you stay with your existing lender
The new all-in-one mortgage
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