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Reverse Mortgages West Plains MO

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 West Plains, MO that can help answer your questions about Reverse Mortgages.

Community First Natl Bank West Plains
(417) 255-2265
1330 Southern Hills Center
West Plains, MO
 
Bank of America - Porter Wagoner
(417) 257-6121
1311 Porter Waggoner Blvd.
West Plains, MO
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-2
Tuesday 9-2
Wednesday 9-2
Thursday 9-2
Friday 9-2
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 9-6
Tuesday 9-6
Wednesday 9-6
Thursday 9-6
Friday 9-6
Saturday 9-12
Sunday Closed

Bank of America
(417) 257-6111
118 Jefferson Street
West Plains, MO
Type
Banking Center

Gemini Insurance
(417) 257-7441
1747 S Hwy 63
West Plains, MO
 
Community First National Bank of West Plains
(417) 255-2527
1220 Porter Wagoner Boulevard
WEST PLAINS, MO
Services
Mortgage Brokers

Aaa Automobile Club Of Missouri
(417) 256-7181
West Highway 160
West Plains, MO
 
Citifinancial
(417) 256-1176
310 North Kentucky Street
WEST PLAINS, MO
Services
Mortgage Brokers

Howell County Bank
(417) 257-0077
960 Preacher Roe Boulevard
WEST PLAINS, MO
Services
Mortgage Brokers

West Plains Savings And Loan Association
(417) 256-3042
10 Court Square
West Plains, MO
 
American Home Loans
(417) 256-8330
234 West Main Street
WEST PLAINS, MO
Services
Mortgage Brokers

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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