Two Biggest Questions We Get On Reverse Mortgages...

 I wanted to address the two most common questions that I get regarding reverse mortgages…

Question: What happens if I die? Will the lender be taking my house?

Answer:   No. After You Pass Away, Your Heirs May Pay The Loan Balance In Full With Cash Or By Refinancing The Debt And They Can Keep Your Home.

Question: What happens if the loan balance becomes greater than the value of my home?

Answer:  No Matter How Large The Loan Balance Becomes,  You Have The Right To Continue To Live In The House. The Lender Cannot Take Over Your Home As Long As It Is Your Principle Residence. Besides, You Will Never Owe The Lender More Than The Value Of Your Home. HUD Will Pay The Shortage For You If There Is Any.

If you or someone you know has questions about reverse mortgages please have them reach out to our office.  We’ll be happy to help them!

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Easy 3% Down Payment Program For You...

 I wanted to highlight an underused program in the mortgage market. …It’s Freddie Mac’s Home Possible.

Here are some highlights of this great program…

– 97% financing!

– Only .25% mortgage insurance rate! …compare to .55% for FHA and over 1% for 95% Conventional.

– No reserves required.

– Allows 3% seller contribution.

– There are income limits unless you purchase a property in an “underserved area”.

If you want a low down and very low mortgage insurance program this is a great one! Give us a call or shoot us an email to see if you qualify.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Another No Money Down Program For You...

 

If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

-Up to 100% of the Appraised Value – Total LTV of 102% –

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-First time home buyers allowed, but not limited to first time home buyers

-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

-Non-traditional credit may substitute for lack of credit history

-Repair Escrow financed in loan up to $10,000 or 10% of loan

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog