![]() In addition, they have access to credit rating information and economic reports, as well as the advanced company search. Premium members can also see turnover figures, employee numbers, previous management and are able to follow an unlimited number of companies, persons and keywords. Registered users receive notifications by email, see the network of people involved and the current management of companies. The platform offers lots of information free of charge for anyone interested in business. You stay with Moneyhouse if you want to know more. We search through myriad sources and gather information from the cantonal commercial registers, the Swiss Official Gazette of Commerce and other sources. 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.Whoever is interested in business turns to Moneyhouseĭo you want to manage risks, sell more, find out the background story, or found your own company? At Moneyhouse, you will find information that you can put to immediate use. ![]() 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. If you own your home or have a large amount of home equity.Proceeds based upon the age of the youngest Borrower.Reverse Mortgages are expensive (prices vary by product).Liable for the loan balances that exceed home value.Generally will not affect your social security.Maintain home ownership, own and live in your home while receiving cash.No monthly mortgage payments are required payment of all property charges when due is required.Choose the payout option that works for you.They’ll help you with getting the “Right Fit” reverse mortgage that’s best for your needs. However, you must continue to pay all property charges when due and keep your home in good repair.Įducate yourself, talk it over with your children and trusted advisors and then call one of our experienced, professional Mortgage Loan Originators at (800) 405-4554. ![]() You can select from various payment plans to determine the best way to disburse the loan proceeds.ĭid you know that you can also purchase a new home with the HECM For Purchase (H4P) option? If you have the funds to close to pay for the difference between the loan proceeds available through the HECM and the property sales price including loan closing costs and fees, then the H4P may be right for you.Īfter closing a reverse mortgage, you are not required to make a monthly mortgage payment. Your experienced and professional Moneyhouse Mortgage Loan Originator will assist you in providing choices for the “Right Fit” program that will meet your specific needs. Today’s reverse mortgage provides you with many features and benefits. The reverse mortgage program (also known as the Home Equity Conversion Mortgage (HECM) Program) requires your participation in a reverse mortgage consumer information counseling session conducted by a HUD–approved counselor, before originating your loan application. The program is highly regulated and includes many Borrower safeguards to ensure a safe and secure transaction for the Borrower(s) offered through the Department of Housing and Urban Development (HUD). The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. At that time, the Loan Servicer will assist the estate to repay the balance of the reverse mortgage with options including the sale of the home to pay off the outstanding balance.Īll remaining equity is inherited by the estate. When property charges (typically real estate taxes, hazard insurance, flood insurance and assessments) are paid current, the loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. A reverse mortgage is a loan for senior homeowners that allows for use of a portion of the home’s equity as collateral.
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