subject: Homestead Funding Corp., Mortgage Specialists In Albany Explains Reverse Mortgages [print this page] A reverse mortgage is a loan specially designed for individuals who are 62 years old and over. It enables them to convert part of the equity in their owner occupied home into cash. There are no restrictions how a Client may use their reverse mortgage proceeds. As a result, reverse mortgages are being used as a retirement planning tool and for wealth management. Clients have used their proceeds to pay off mortgages, for health care expenses, home improvements, setup an additional flow of cash or to establish a financial safety net.
Speaking to a mortgage specialist is an ideal way for you as a buyer to get the most current and varied financing options out there. Homestead Funding's Licensed Loan Originators understand that its a huge financial commitment when financing a home so they work with you from start to finish. Your local Homestead Funding specialist is there for you, guiding you through the application process to standing beside you at closing.
The client is only required to pay back the loan when the home does not become your primary residence. That could be one of the following; the owners/borrowers sell the house, the owner do not live in the house for a period of 364 consecutive days or they pass away. Payment of property taxes and insurances must be kept current while in the home. Below are the requirements and how much you may borrow with a reverse mortgage.
What are the requirements of a Reverse Mortgage?
62 years of age or older
Own home outright or have a mortgage balance that can be paid in full with the proceeds of the loan
Must be the principal residence of the borrower
No income requirements as the balance of the loan is paid in full at the end
How Much Can I Borrow?
This depends on many factors:
Age
Interest rate
Value of the house
The type of reverse mortgage selected
The payment method selected
There are several types of reverse mortgages. To figure out which reverse mortgage is best for you and your family, visit www.homesteadfunding.com to speak with a mortgage specialist today!
Homestead Funding Corp. is a multi-state licensed mortgage banker. As Albany, New Yorks largest independent residential mortgage lender, Homestead Funding mortgage specialists help their customers to receive the best mortgage program. Homestead Funding is licensed in twelve states including the Northeast and Middle Atlantic with local offices in many areas and growing.
Need more information on FHA Mortgage rates Saratoga? Contact Homestead Funding today!
