#Morgage Basic
Second Home
Reverse mortgages are a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance.
A reverse mortgage works much like a traditional mortgage, except in reverse. Instead of the homeowner paying the lender each month, the lender pays the homeowner. As long as the homeowner continues to live in the home, no repayment of principal, interest, or servicing fees are required. The funds received from a reverse mortgage may be used for anything, including housing expenses, taxes, insurance, fuel or maintenance costs.
UP TO
90%
LTV - PURCHASE
90%
LVT - RATE & TERM
90%
LTV - CASH OUT
30%
YEARS FIXED
IO OPTIONS
County Specific
PRICE RANGE
Another key benefit of FHA streamline financing is that it can provide borrowers with the opportunity to lower their monthly mortgage payments. By refinancing their existing FHA loan with a new FHA loan with a lower interest rate, borrowers may be able to reduce their monthly mortgage payment and save money over the life of the loan.
One potential drawback of FHA streamline financing is that it may not be available to all borrowers. In order to qualify for an FHA streamline refinance, borrowers must meet certain requirements, such as having an existing FHA loan and being current on their mortgage payments. Additionally, borrowers who have made certain changes to their property, such as adding a second story or converting a garage into living space, may not be eligible for an FHA streamline refinance.
Who can get Reverse Mortgages
STATES WE LEND IN
WORK WITH US
Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.