Equity Conversion Mortgage, or HECM. Reverse mortgages allows homeowners aged 62 and older to convert part of their home equity into cash, providing financial relief without the need to sell their home or adhere to a monthly repayment schedule. The interest is then deferred to when the loan ...
Older Americans flooded with home loan solicitationsSANDRA FLEISHMAN
An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on mark...
Home loans for borrowers with low credit scores If you have a lower credit score, you may not qualify for a Conventional home loan. Instead, you might need to consider one of these mortgage options. 1. FHA loans The U.S. Federal Housing Administration (FHA) offers government-backed home ...
Will an Older Home be Approved for a VA Loan? Some older homes, if well-maintained, can be approved for a VA loan. As long as the property meets all of the VA’s minimum property requirements, the loan can be used for that property. Just like a new house that has property issues,...
Get the Loan That’s Right for You Reverse Mortgages This loan type allows 62 or older senior homeowners with considerable home equity to borrower against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit, while... ...
Let you know what you can use FHA loans for and how to apply! You can get your FHA Home Loan questions answered by speaking with one of our FHA Approved Lenders by clicking here! Ok, so what’s the big deal with FHA Loans anyway? Worried about coming up with a ton of cash for a...
Home Loan Purchase For me, buying and / or refinancing a home is the biggest commitment I have ever made, therefore, trusting the loan officer was HUGE. Having never met you in person, I was completely... Kari - Modesto, CA Refinance ...
Reverse mortgage:For those who are 62 and older (or 55 and older with some products), areverse mortgageoffers another way to tap home equity. Unlike a HELOC or a home equity loan, the money withdrawn using a reverse mortgage doesn’t have to be repaid in monthly installments. Instead, th...
A co-signer will allow the mortgage lender to use another person’s excellent credit standing to help you qualify. It is possible you can get a more significant loan, even with bad credit, when someone is vouching for repayment. By having a co-signer, the debt-to-income ratio the lender...