Many homeowners have found that a reverse mortgage is a great way for them to take advantage of the equity they have built up in their homes.
A reverse mortgage is different than a traditional mortgage. With a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage the lenders pays you money through monthly installments or a one-time lump sum payment. The money that you receive is dependant on your age and the value of your home.
One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence For more information on when a reverse mortgage comes due click here. Another great feature of a reverse mortgage is you can never owe more than the value of your home. No matter what.
If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage. Contact us to find out more about reverse mortgages and ways to make it work for you, or apply now and start the process of tapping the equity in your home.
Check out these pages for more information about reverse mortgages.
Annual Percentage Rate (APR) calculations assume single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than 80%; a minimum FICO score of 780; and a loan amount of $300,000 for conforming loans or $500,000 for jumbo loans, unless otherwise specified. Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation. On ARM amortization, the Annual Percentage Rate (APR) calculation assumes an indexed rate (Margin + LIBOR/T-Bill Index) after the initial fixed period of the ARM.
Rates may be higher for loan amounts under $300,000 and over $500,000. Please call for details. Rates are subject to change without notice. Closing Costs assume that borrower will escrow monthly property tax and insurance payments. Subject to underwriter approval; not all applicants will be approved. Fees and charges apply. Taxes and insurance are extra. On refinance transactions, the Annual Percentage Rate (APR) calculations assume a rate and term refinance. 30 Day Rate Lock. Rates based on Pennsylvania property. Third party rate comparison information is deemed to be reliable but not guaranteed. Restrictions may apply
Rates are provided for informational purposes only and reflect the average daily rates of several lenders. Rates are subject to change without notice and are available upon approved credit only.
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