In Step 1, basic information like property value will be used to help evaluate whether you meet some of the minimum requirements for a reverse mortgage. In Step 2, you can enter additional property information to determine how much you may be eligible for. Once you submit your information, a licensed advisor will contact you.
Becky Smith has been specializing in Reverse Mortgages since 2006. She has been a Mortgage Professional since 1980 and has assisted hundreds of seniors with Reverse Mortgage loans. She owned a Mortgage Company approved by HUD to provide HECM loans in 1992. Having held executive management positions with National Lenders for over 20 years, her vast years of experience allows her to get the best option for her clients.
Becky Smith has been specializing in Reverse Mortgages since 2006. She has been a Mortgage Professional since 1980 and has assisted hundreds of seniors with Reverse Mortgage loans. She owned a Mortgage Company approved by HUD to provide HECM loans in 1992. Having held executive management positions with National Lenders for over 20 years, her vast years of experience allows her to get the best option for her clients.
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A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) is a FHA Loan insured by HUD that allows homeowners, who are 62 and older to convert part of their home equity into tax-free income, payoff existing mortgage debt and eliminate their house payment, receive a lump sum to use how they see fit or any combination, without having to sell their home, give up title to it, all without making monthly mortgage payments.
The benefits of a reverse mortgage are plentiful for those who decide to take advantage of it. You continue to live in and own your home. As long as you occupy the home as your primary residence, keep up with the property maintenance and stay current paying your property taxes, required insurance and any homeowners association fees.
The amount of money you can get from a reverse mortgage depends on your age, the appraised value of your home, the current interest rate and the Upfront Costs of the loan. You can choose to be paid in a lump sum, receive monthly payments, establish an Equity Line of Credit that will can be accessed as needed and the amount available will grow with time.
Depending on the type of Reverse Mortgage, how much of the available money you take at close of escrow, the interest rate/margin, the type of loan you choose, and even who you choose to work with can affect the cost of a reverse mortgage.
Not only is it important to shop around to get the best deal, it is even more important to work with someone who is knowledgeable and will assist in working with you and explaining the pros and cons of each option based on your personal needs and financial goals.Becky Smith is a Mortgage Broker, not a Lender, which allows her the flexibility to offer the Lowest Rates.
Not only is it important to shop around to get the best deal, it is even more important to work with someone who is knowledgeable and will assist in working with you and explaining the pros and cons of each option based on your personal needs and financial goals.Becky Smith is a Mortgage Broker, not a Lender, which allows her the flexibility to offer the Lowest Rates.
To be eligible for a Home Equity Conversion Mortgage (HECM) loan, all borrowers must be 62 or older, own your home and reside in it as your primary residence.
You must demonstrate a history of paying property taxes and insurance in a timely manner, and provide documentation that after the loan is completed, you will have sufficient income to maintain your minimum obligations, including property taxes, homeowners insurance, applicable homeowners association fees and any other fixed expenses, such as a car payment or remaining credit card debt.
You must demonstrate a history of paying property taxes and insurance in a timely manner, and provide documentation that after the loan is completed, you will have sufficient income to maintain your minimum obligations, including property taxes, homeowners insurance, applicable homeowners association fees and any other fixed expenses, such as a car payment or remaining credit card debt.
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