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Reverse Mortgages Phoenix AZ

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 Phoenix, AZ that can help answer your questions about Reverse Mortgages.

Western Residential Mortgage Inc
(602) 386-3900
300 W Clarendon Ave Ste 475
Phoenix, AZ
 
Mountain Ridge Mortgage Inc
(602) 604-9290
301 E Bethany Home Rd-Ste 230A
Phoenix, AZ
 
Weststar Mortgage Corp
(602) 279-9663
3200 North Central Suite-1400
Phoenix, AZ
 
Dept Veterans Affairs Reg Ofc
(602) 640-4745
3225 North Central Ave
Phoenix, AZ
 
Security Mortgage Corporation
(602) 636-3705
3724 N 3Rd St Ste 200
Phoenix, AZ
 
Sgb Corporation
(602) 212-9232
3003 N Central Ave Ste 114
Phoenix, AZ
 
Realty Mortgage Network LLC
(602) 735-2340
3550 N Central Ave Ste 1700
Phoenix, AZ
 
Access Capital Group Inc
(602) 648-5860
202 E Earll Dr Ste 460
Phoenix, AZ
 
Nexgen Lending Inc
(800) 350-5381
4041 N Central Ave Ste D100
Phoenix, AZ
 
Native American Enterprises
(602) 944-6600
6232 N 7Th St Ste 104
Phoenix, AZ
 

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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