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There are basically three different reverse mortgage plans being offered today: Uninsured, Lender-Insured and FHA-Insured. Inquire about our New Fixed Rate. There are a variety of payment options and ways to recieve your money too!
Uninsured
This type of reverse mortgage differs dramatically from an FHA-Insured or Lender-Insured loan. With this plan, you will receive monthly loan advances for a fixed term only the number of years you select when you first take out the loan. The second important difference to note with an uninsured loan is that it will be due on a specific date. This type of reverse mortgage is best suited for short term, substantial cash needs.
Lender-Insured
This type of reverse mortgage offers monthly loan advances with or without a line of credit, for as long as you live in your home. This type of plan typically offers larger loan amounts than an uninsured or FHA-Insured plan would. You may also be allowed to mortgage less than the full value of your home, thus preserving your equity for later use.
Home Equity Conversion Mortgage
The third and most common type of reverse mortgage is the Home Equity Conversion Mortgage, otherwise known as HECM. This is the only reverse mortgage program that is federally insured and backed by the U. S. Department of Housing and Urban Development (HUD). Home Equity Conversion Mortgages have some very attractive features that make them a popular choice among borrowers. Here are a few:
NEW FIXED RATE FOR LIFE!!!
The FHA sets many interests to choose from. The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that lets you choose your own interest rate. You can select one that changes annually or one that changes every month. We NOW have a reverse mortgage product that is Fixed for LIFE. Contact us for your financial freedom.
Several payment options
You may receive monthly loan advances for a fixed term or for as long as you live in the home. You may also choose to receive a line of credit, or you may combine monthly loan advances with a line of credit. An HECM also permits you to change your payment options at little cost.
Can be used for any purpose
Unlike many other reverse mortgages, a Home Equity Conversion Mortgage does not require a borrower to designate the loan to one specific use. Instead, you may apply the funds to anything you choose.
Protection
Most important of all, this plan protects you by guaranteeing continued loan advances even if your lender defaults.
How would you like your money?
The amount of money you receive from a reverse mortgage will depend on several things including the plan you select, the type of cash advances you choose, your age, and the value of your home. Typically, the older you are, the more equity you will have in your home. This is why more mature borrowers typically receive greater loan amounts. There are several ways that you can receive money from a reverse mortgage. Some programs may even allow you to combine the choices. Here is a list of five different options to choose from:
Tenure: Equal monthly payments as long as at least one borrower is living and continues to occupy the property as a principal residence.
Term: Equal monthly payments for the fixed period of months you have selected.
Line of Credit: This would be used in the same way as a credit card or checkbook. You would receive unscheduled payments or installments at the times and amounts you have selected. This will continue until the line of credit is exhausted.
Modified Tenure: A combination of a line of credit and monthly payments for as long as you continue to live in the home.
Modified Term: This combination of a credit line and monthly payments differs from the plan above in that it is based upon a fixed period of months that you have chosen.
