A Long Island mortgage broker. You have the option of refinancing your mortgage, obtaining a reverse mortgage, or re-evaluating your mortgage loan options in favor of more benefits and saving money.
How difficult is it to get a reverse mortgage? reverse mortgages will be more difficult to qualify for after March 2, 2015. In March of this year, new reverse mortgage rules are due to take effect that will impact the eligibility for seniors.
Reverse Mortgage Payoff Calculator Guide To Reverse Mortgage Fees & Interest Rates. – Learn about the three largest fees associated with reverse mortgage loan. These are Federal. Try Our Free 2-Step Calculator. Age of homeowner, Age 60 .
Long Island Reverse Mortgages. If you’re considering a Reverse Mortgage for your home, then you’ll want to consult with one of Long Island’s professional reverse mortgage specialists, who can ensure that you get the most out of your home, and can get you through the process smoothly. applying for a reverse mortgage can seem like a daunting task.
The reverse mortgage would remain intact so long as any of the original borrowers remain living in the property. For purposes of the reverse mortgage, a surviving spouse is not an "heir", they are an original borrower/owner if they were on the title and loan when it was originally done.
See how a reverse mortgage can help boost retirement income. Tenure payment options can provide fixed, tax-free monthly payments for as long as you live in your home.
Information About Reverse Mortgage What is a Reverse Mortgage? A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the federal housing administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a “non-recourse” clause. This means that you, or your estate, can’t owe more than the value of your home.
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Join us for a free seminar with Senior Lending/Reverse Manager, Michael Bocelli on understanding reverse mortgages! The discussion will include: -What is a reverse mortgage? -How does it work? -Requirements -Rates Please contact Quontic Bank Marketing at firstname.lastname@example.org to confirm.
A reverse mortgage loan is designed to keep Long Island seniors in their homes. Before deciding on a reverse mortgage loan, consumers must ensure that their long island property meets the eligibility requirements for houses, mobile homes, and condos or townhomes and must pass inspection by the Federal Housing Authority.