Mark E. Ary With Trust Mortgage

Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home. The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.

FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement.

A Home Equity Conversion Mortgage (HECM) - also known as a Reverse Mortgage - offers a line of credit option with many of the benefits of a traditional Home Equity Line of Credit (HELOC), plus some significant advantages. No required monthly payment on principal and interest required.

As with any home-secured loan, you remain responsible for property taxes, homeowners insurance, and property maintenance in order for the loan to remain in good standing.You can pay down your principal and interest if and when you choose, no pre-payment penalties apply. Lender cannot cancel or reduce your line of credit, as long as you meet your loan obligations.

You've worked hard to get to this point. Now you'd like to live in a "right-sized" home that fits your needs today, and get comfort and financial peace of mind for the future. Perhaps you want to move to a home that's closer to family, more maintenance-free, or in a more social neighborhood. But maybe you don't think you can afford to move because of your financial obligations, income, or other issues.

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term.

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.