![]() ![]() Attend to health conditions, yours and family members.Lower the interest rate of your present mortgage in a competitive rate environment.Consolidate debts into one low monthly payment. ![]() Eliminate high interest credit card debts.Reduce your payments, consolidate debts, renovate, lower your interest rate, replenish your cash reserves or make lifestyle decisions are but a few of the options that can be addressed with a refinance mortgage loan. Whether you choose an FHA insured or conventional mortgage loan product, refinancing your present home may be one of the most important components of a long–term financial strategy which you can consider today.Ĭompetitive interest rates, a variety of programs and features, low or no closing cost options, less stringent guidelines, the ability to switch to a different type of mortgage program and/or term and even the possibility of cash out are some motivating factors to consider. ![]() Unlike a traditional mortgage loan, the loan is typically not due and payable as long as at least one Borrower lives in the home as their primary residence, continues to pay required property charges and maintains the property in good repair.BETTER RATES. With a reverse mortgage the amount that can be borrowed is determined by the HECM program formula that considers age, the current interest rate, and the appraised value of the home.Īs stated previously, with traditional loans the Borrower(s) is required to make monthly payments of principal and interest, however with a reverse mortgage, no monthly payment is required. In addition, unlike a HELOC, the lender cannot reduce a HECM reverse mortgage line of credit. Many seniors use the remaining proceeds to fund medical expenses, make home repairs or just keep the extra cash in case of an emergency for that “rainy day”. Unlike a Home Equity Line of Credit (HELOC), the HECM does not require the Borrower to make monthly mortgage payments and any existing mortgage or mandatory obligations must be paid off using the proceeds from the reverse mortgage loan.
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