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Reverse Mortgages Cranston RI

This page provides relevant content and local businesses that can help with your search for information on Reverse Mortgages. You will find informative articles about Reverse Mortgages, including "What is a Reverse Mortgage ?". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Cranston, RI that can help answer your questions about Reverse Mortgages.

Foremost Mortgage Associates Inc
(401) 943-7260
565 Dyer Avenue
Cranston, RI
 
Best Mortgage Services Inc
(401) 490-3210
108 Phenix Ave
Cranston, RI
 
Wells Fargo Bank Na
(401) 943-4630
201 Hillside Rd
Cranston, RI
 
Value Mortgage Funding Inc
(401) 632-0060
1150 New London Ave
Cranston, RI
 
Allied Home Mortgage Capital Corporation
(401) 943-9200
647 Oaklawn Ave
Cranston, RI
 
Stateside Funding LLC
(401) 383-9249
667 Atwood Ave
Cranston, RI
 
Rockland Financial Mtg Co LLC
(401) 942-8200
95 Sockanosset Crossroads 109
Cranston, RI
 
Family Funding Corporation
(401) 943-4550
800 Oaklawn Ave Ste 201
Cranston, RI
 
Crown Mortgage Corporation
(401) 734-9940
1615 Pontiac Ave
Cranston, RI
 
Regional Mortgage Programs Inc
(401) 275-0600
1370 Plainfield Street
Cranston, RI
 

What is a Reverse Mortgage ?



What is a Reverse Mortgage ?
Tue 10/23/07 11:15:46 am
Income for Sr. Home Owners

everse mortgages are government insured home loans specifically designed for senior homeowners. This type of loan allows a homeowner to payoff their existing mortgage along with a combination of the following: establish a credit line, receive monthly checks, or withdraw cash. The amount of cash available depends on many factors, which we will discuss shortly.

If you choose to get cash with your reverse mortgage loan, you can choose from the following methods:

Tenure - equal, monthly payments.

Modified Tenure - line of credit combined with monthly payments. Term - equal, monthly payments for a fixed period.

Modified Term - line of credit combined with monthly payments for a fixed period.

Line of Credit - payments or installments at the borrower's discretion (much like a standard credit line - use the money only when you choose to).

Perhaps the most worthwhile benefit of a reverse mortgage is that the borrower will not be required to make any mortgage payments for the duration of their stay. That's right: zero payments for the rest of their life or until they move from the home. As you can imagine, zero house payments could drastically alter a person's lifestyle in a positive manner and could do so almost overnight.

In regards to qualifying for a reverse mortgage, there is yet another benefit that is often over-looked: you do not need to verify your income since the loan is based on your home's value. There are no payments to be made, remember? Essentially, you do not need any income nor do you need an outstanding credit report.

When reverse mortgages were first introduced, they allowed the lender to have a stake in the future value of the home. In essence, the lender would profit from your equity even if it extended beyond the original loan amount. Fortunately for seniors, times have changed for the better: regardless if your home goes up or down in value, you will never owe more than the loan amount or your home's current value, whichever is lower.

Another question often asked is: can I outlive my loan? You can never outlive a reverse mortgage loan. So long as you are alive and living on the property, you will never have a mortgage payment for your reverse mortgage. Nor can a lender take your home away from you. As long as you live in your home, pay your taxes and insurance, you can live indefinitely in your home without making a single payment. The amount of money that can be borrowed with a reverse mortgage is dependent upon many factors, including but not limited to: the age of the borrower, the amount of money currently owed on the home, the interest rate, the value of your home, and FHA's lending limits for your area. Typically, the older you are and the less money you owe on your home, the more you can borrow. However, every situation is unique. To get an accurate, approved loan amount, you shoul...

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