|
|
|
Mortgage Borrowing Tip - Length of Loan
When borrowing money for a mortgage, homebuyers are primarily concerned with simply qualifying. Still, paying attention to the length of the loan is a borrowing tip that can save you a ton of money.
Home Loans
In the mortgage industry, the...
Mortgage Company Stops Foreclosure And Saves Family Home
“A bank is a place that will lend you money, if you can prove that you don’t need it,” Bob Hope once quipped. But if you going through a bad financial spell, you need an institution that will stand by you. Our office received a call early one...
Principal Residential Mortgage - Important Guidelines
Here is a clarification in regards to special course of actions for applying for a principal residential mortgage: The first step in buying a principal residential mortgage is getting in touch with the brokers for an explanation and come to a...
The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages.
The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a...
When is the right time to refinance your mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could...
|
|
| |
|
|
|
|
|
|
What is a Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn't give you money and take your house. Let's look at some of the most common questions.
Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life.
How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home.
What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first.
How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.
Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a
line of credit.
But, won't I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income.
Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don't have to talk to a lawyer or accountant, but it would be advised.
Who owns the title to my house? You still own the title.
What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds.
What if I owe more than the house is worth? You can't. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties.
What if I move? If you move, then the mortgage becomes due and must be repaid.
Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org
About the Author
Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at:
http://www.mortgage-refinance-review.com/calculator.php
|
|
|
|
|
| E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ... |
| E-LOAN offers home mortgage, refinance, home equity loans, lines of credit, auto and motorcycle loans, savings accounts and CDs with great rates online. |
| www.eloan.com |
|
| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
| Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
| www.lendingtree.com |
|
| Calculators - Refinance Calculator |
| 1, CURRENT MORTGAGE. My monthly payment is: $. My current interest rate is %. I have years and months left on this mortgage. ... |
| cgi.money.cnn.com |
|
| Refinance | Mortgage Loans | Home Equity Loans |
| Join over 3 million homeowners who have used GetSmart, a service of LendingTree, to find a better mortgage, refinance, home equity, or debt consolidation ... |
| www.getsmart.com |
|
| Mortgage Refinance - Debt Consolidation Loan - Mortgage Loans ... |
| iMortgage Central is a borrower's marketplace that provides the consumer a connection with mortgage lenders that match them to their individual needs. |
| www.imortgagecentral.com |
|
| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
| Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
| www.quickenloans.com |
|
| Mortgage Refinance Calculators and Mortgage Tools - Quicken Loans |
| Mortgage refinance calculators from Quicken Loans allow you to calculate your mortgage payments for a variety of refinance loans, home loans, ... |
| www.quickenloans.com |
|
| Mortgage Refinance Calculator |
| Mortgage Refinance Calculator. As those interest rates drop, it's often difficult to know when it's to your advantage to refinance your fixed-rate mortgage. ... |
| www.aba.com |
|
| Mortgage Refinance Costs |
| Mortgage Refinance Costs. When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay ... |
| www.mortgage101.com |
|
| Bad Credit Mortgage Refinance,Bad Credit Home Loans,California ... |
| Bad credit home loans,California mortgages,Debt Consolidation Home Loans, Refinance Home Loans, Refinance Mortgage Interest Rates,Second Mortgage solutions ... |
| www.alliancemtg.com |
|
| Directory: mortgage refinance |
| Internet Access · Online Education · Insurance Quote · Arts · Domain Name · Nutrition · Computer Hardware · Television · Home Mortgage Refinance ... |
| shurl.org |
|
| Mortgage Refinance Home Loan - Homeloancenter.com |
| Our Mortgage Refinance Home Loans allow you to get cash out with a Low mortgage Rates from the leading online lender. Bad Credit Loans are ok. |
| https: |
|
| Mortgage | Refinance | Home Equity | Home Loans | Mortgage ... |
| This era has been marked as the mortgage refinance era. ... Call Us Today For A Free Quote On Your Mortgage Refinance, Home Equity Loan, Debt Consolidation ... |
| www.lendance.com |
|
| Mortgage Refinance & Credit Card Rates |
| Mortgage Refinance · Home Purchase Loan · Home Equity Loan · Debt Consolidation · First Time Home Buyer · Refinance->Cash Out · Lower Payment ... |
| www.fetcharate.com |
|
| Home Loan Center - Home Equity Loans | Mortgage Refinance | Bad ... |
| The leading online lender for home loans, home equity loans, mortgage refinance and bad credit loans. We are approved in all 50 states. |
| www.homeloancenter.com |
|
| Mortgage Refinance Options : Cut Your Rates with a Loan Refinance |
| Get Free No-Risk, No-Obligation quotes for your Refinance from up to 4 lenders. |
| www.mortgageloanplace.com |
|
| Wells Fargo Home Mortgage - Refinancing |
| Wells Fargo Home Mortgage can help you customize a refinance that supports your unique financial goals. |
| https: |
|
| Mortgage Refinance, Health, Auto, Life Insurance Quote |
| Online marketplace to refinance and save on your mortgage. Receive up to 4 offers. Save money with GoApply.com for all of your financial needs such as ... |
| www.goapply.com |
|
| Mortgage Refinance |
| Apply for a mortgage refinance today with us! We work with the nation's largest network of recognized mortgage lenders to bring you the best deals on a ... |
| www.wilsondaily.com |
|
| What is a Mortgage Refinance |
| A mortgage refinance refers to applying for another mortgage to replace an existing mortgage on the property. There are many reasons why borrowers decide to ... |
| www.nextag.com |
|
|