Older Americans are buying homes. In fact, 25% of all borrowers are age 60 or older according to the National Association of Realtors. Most of them (68% of those age 62 to 70 and 58% of those age 71+) finance the purchase of their home. But less than 1% of borrowers age 62+ are using the Home Equity Conversion Mortgage (HECM) for Purchase option, even though it may be a more suitable solution.
Because awareness of the HECM for Purchase is still relatively low among borrowers and real estate agents, we hope to help educate our clients about this financing option. When borrowers use HECM for Purchase, they have more available funds to afford the home they really want in the location they desire, and they're able to maintain greater financial control.
Because awareness of the HECM for Purchase is still relatively low among borrowers and real estate agents, we hope to help educate our clients about this financing option. When borrowers use HECM for Purchase, they have more available funds to afford the home they really want in the location they desire, and they're able to maintain greater financial control.
Services
At TST Financial Inc., our mission is to set a high standard in the Reverse Mortgage Industry. We are committed to quality customer service - putting the people we serve first. Our goal is to carefully guide you through the Reverse Mortgage process, so that you can confidently select the best options that are available today.
Many homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes or to purchase a new home. A reverse mortgage loan is different than a traditional mortgage.
With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments.The money that you receive is dependent on your age, the value of your home and the current interest rate.
With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments.The money that you receive is dependent on your age, the value of your home and the current interest rate.
A reverse mortgage loan is a loan designed to allow seniors to draw upon the equity in their homes. Seniors can select to receive the loan proceeds either by a lump sum payment, by monthly installments, as a line of credit or as a combination of a line of credit and monthly installments thus providing cash flow even after retirement.
Below is the most common process for getting a reverse mortgage loan. Our professionals are eager to help you understand the reverse mortgage loan process. Please contact us with any questions. Speak with a mortgage professional about reverse mortgage loan options. Familiarize yourself with the various types of reverse mortgage loans and pick the one that is right for you.
The very nature of a reverse mortgage loan can be confusing. With a reverse mortgage loan, lenders pay you either in monthly installments, with one lump sum, a line of credit or as a combination of a line of credit and monthly installments. The following lists provide information regarding repayment of a reverse mortgage loan.
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