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Mortgage Services for Seniors Derry NH

Local resource for mortgage services for seniors in Derry. Includes detailed information on local home mortgage consultants that give access to mortgages, adjustable-rate mortgages, equity lines, home financing, loan processing, loan servicing, and mortgage refinancing, as well as advice and content on reverse mortgages and different types of mortgages.

Best Mortgage Co Inc
(603) 434-9700
120 W Broadway
Derry, NH
 
Schaefer Mortgage Corp
(603) 434-4747
5 Buttrick Road
Londonderry, NH
 
First Horizon Home Loan Corporation
(603) 421-0009
25 Indian Rock Rd Ste 3
Windham, NH
 
Renaissance Mortgage Corp
(603) 893-4100
22 Stiles Road Suite 103
Salem, NH
 
Homestead Mortgage Corp
(603) 890-8877
534 South Broadway
Salem, NH
 
Citadel Mortgage Corp
(603) 434-4431
4 Birch Street
Derry, NH
 
Countrywide Mortgage Ventures LLC
(603) 845-2181
1 Verani Way
Londonderry, NH
 
New England Regional Mortgage Corp
(603) 894-1230
90 Stiles Road - Suite 201
Salem, NH
 
Omni Mortgage Company
(603) 893-6616
215 Main Street Suite 3
Salem, NH
 
Granite State Mortgage Corporation
(603) 890-8900
187 Main St
Salem, NH
 

Reverse Mortgage - The Loan That Pays You



Reverse Mortgage - The Loan That Pays You
Sun 07/01/07 10:46:15 am
For Senior Manufactured Home Owners

A reverse mortgage can act like a pension for seniors who live in a house they own. It is the opposite of buying a house on loan, where you pay a monthly installment to your bank. With a reverse mortgage, you agree to mortgage your house to the bank, for which, it pays you the proceeds in equal monthly payouts, if you wish. You can also choose to take all the money up front if you need it now. You retain the title to your home and do not have to make monthly loan payments. You can live in it as long as you or your spouse are alive. Even if you leave your home before you die, you never owe more than the value of the home.

In a "regular" mortgage, you make monthly payments to the lender. But in a "reverse" mortgage, you receive money from the lender and won't have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their other financial obligations.

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement your retirement income, pay for healthcare expenses, or just to enjoy life, many older Americans are turning to reverse mortgages. They allow senior homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

To qualify for most reverse mortgages, you must be at least 62, live in your home and have sufficient equity in the home. The proceeds of a reverse mortgage are tax-free, and reverse mortgages have no income restrictions. Reverse mortgage loan advances do not affect Social Security or Medicare benefits. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. But you'll never owe more than the value of the home and any remaining equity remains with your estate.

The cash you get from a reverse mortgage can be paid to you in several ways:

  • all at once, in a single lump sum of cash;
  • as a regular monthly cash advance
  • as a "creditline" account that lets you decide when and how much of your -available cash is paid to you
  • as a combination of these payment methods

    Since reverse mortgage loans are now guaranteed by the Federal Housing Administration there is a high level of comfort and security associated with them. A trend seems to be growing across the country, as first soaring housing prices and now rising interest rates combined to significantly boost consumer loan payments. Reverse mortgage loans are being viewed as an excellent alternative income source for seniors who don't want to liquidate stock or bond assets and want to retain their homes through the current real-estate slump.

    Although s...

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    Reverse Mortgage on Manufactured Home Helps Woman Afford Home Care



    Reverse Mortgage on Manufactured Home Helps Woman Afford Home Care
    Mon 04/14/08 07:54:36 pm
    Reverse Mortgages Are a Godsend for Seniors

    Marjorie, a resident of San Diego, California for the past 32 years, lives in a neatly landscaped neighborhood of manufactured homes. She enjoys taking her miniature poodle, named Chi Chi, out for a walk around the park that is at the center of her “55 plus” community.

    It's like Green Acres here to me. I know my neighbors and everyone takes good care of their homes. There is a pride of ownership here,” she says. Indeed, all of the residents not only own their homes, but the land underneath them, potentially allowing them to qualify for an FHA reverse mortgage.

    But over past several years, Marjorie has found it more difficult to take her poodle for a walk and to keep up with her housework. At first, her daughter was able to provide the extra assistance that Marjorie needed, but eventually found that her work schedule did not allow her enough time. They hired a caregiver named Stephanie who came over twice a week at first, just to do the housework.

    As Marjorie needed more and more help, Stephanie started coming over more often. But the financial strain on Marjorie, who had only Social Security and a small pension, was proving to be too much. So her daughter started looking into a reverse mortgage which seemed like a perfect solution to provide the funds they needed to afford Marjorie's increasing home care needs.

    When she found the right reverse mortgage company , she immediately became comfortable with the reverse mortgage and the company through background information provided on their web site. Marjorie and her daughter met with one of their reverse mortgage specialists and applied for the FHA reverse mortgage, a program called the Home Equity Conversion Mortgage.

    When the reverse mortgage loan closed several weeks later, Marjorie started drawing an extra $1350 per month, enabling her to afford the amount of in-home care that she needs. Under the tenure payment plan, $1350 per month is guaranteed to Marjorie for as long as she keeps the loan. Now, Stephanie accompanies Marjorie and Chi Chi four times a week on an afternoon stroll around the park. Marjorie and her daughter are relieved to have the extra help from Stephanie that is made possible by the reverse mortgage.

    As Loan Crisis Deepens More Seniors Turn to Reverse Mortgages
    - Tax Free Income - No Payments! - Tue 03/04/08 11:36:22 pm
    Instead of struggling to come up with the money for a mortgage payment that's resetting to a higher level, seniors can tap the unused equity in their manufactured home not only to pay off their home loans but also to have money for living expenses, remodeling, traveling or even investing in a vacation home. Reverse mortgages are becoming popular in America. Reverse m...

    Top Ten Things to Know if You're Interested in a Reverse Mortgage
    ...

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    Selling Manufactured Homes Using Reverse Mortgage Program



    Selling Manufactured Homes Using Reverse Mortgage Program
    Sun 06/15/08 04:14:31 pm
    Sell to Seniors at 45% of Retail

    Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements. Now there are Reverse Mortgage proprietary products available and a Fannie Mae Homekeeper loans that can be used to PURCHASE a manufactured home.

    What is a reverse mortgage?

    A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity comes from the strong down payment that many Seniors traditionally are empowered to make.  . But unlike a traditional home equity loan no repayment is required until the borrower(s) no longer use the home as their principal residence.

    How does this benefit the home seller? 

    1. You can sell a land home package at 45% of retail or less!
    2. You can give a ZERO cost home to a senior that owns property!
    3. You can upgrade an existing client to a newer home at ZERO cost. 

    4. The advantages of a reverse mortgage purchase are: 

      1. NO FICO score requirements.
      2. NO qualifications other than age.
      3. NO mortgage payments for life
      4. Title stays in the owner’s name
      5. Opportunity to pay down loan and grow credit account
      6.  What types of homes are eligible?

        The home must be a dwelling that you own and occupy. Townhouses, detached homes, units in condominiums and some manufactured homes are eligible

        How much money can I get for my buyers?

        The amount depends on the buyer's age, the current interest rate, and the appraised value of your home or insured mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older your buyer, the lower the interest, the more you can borrow.  To get a good idea of how this program can help your potential customers, consider the following numbers on a $150,000 home/property value sale. 

          Age of customer   Price to buy the home with a reverse mortgage. 

                1.      $68,000
                2.      $58,000
                3.      $50,000
                4.      $44,000
                5. Your manufactured home needs to be on land that is deeded to the customer and taxed as real property, OR with a renewable land lease (with more than 50 years left on the 99 year land lease.)  For loans on existing homes, the home needs to be built after June 15, 1976, and cannot have been moved from its original s...

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