Homeowners will take on a refinance mortgage loan to meet a variety of goals. A refinanced mortgage paves the way toward lower interest rates, lower monthly payments, or cash-out from the home’s current equity. Reaching this perk is a process, but the effort is worth...
Ready Tom High is an avid pickleball player who dominates the court! He’s also available to assist with all of your reverse mortgage needs.
The basic idea behind this mortgage program is quite simple. By taking out this type of mortgage, you will be able to access some of the money from the equity in your house. Rather than making payments to the bank to pay off your mortgage, you are going to receive payments from the bank, which will be purchasing part of your equity. You can also set up a line of credit for you to access if you would prefer not to receive a monthly payment.
Ready to get started? Apply today. We never run your credit without your permission.
Premier Mortgage Resources Blog
The real estate market may not be as open for some as once before given the decreasing affordability factor. Rising home prices and interest rates are the major culprits. But there’s hope for future homebuyers through a 3-2-1 buydown mortgage loan. This loan program...
This material is not provided by, nor approved by, the Department of Housing & Urban Development (HUD), the Federal Housing Administration (FHA) or any Government agency. The borrower remains responsible for taxes, insurance, and property maintenance.
At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to you and you may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from your other assets.
We may charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which will be added to the balance of the reverse mortgage loan
The balance of the reverse mortgage loan grows over time and interest is charged on the outstanding loan balance.
You retain title to the property that is the subject of the reverse mortgage until you sell or transfer the property and therefore you are responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may be subject to a tax lien or other encumbrance or to possible foreclosure; and Interest on a reverse mortgage is not deductible from the person’s income tax return until the person repays all or part of the reverse mortgage loan