Live Well Financial: Getting to Know Reverse Mortgage
Reverse mortgage has been helping a lot of seniors in giving them a peaceful place to stay as soon as they retire. As what the name says, a reverse mortgage is opposite of the traditional one. Normally, the borrowers get a loan and pay the monthly due. In a reverse mortgage, lending companies such as Live Well Financial [http://www.livewellfinancial.com/partners/index.php?p=programs.htm] will be the one to pay to the homeowner either by a lump sum or a stream of payments. This is done on a monthly basis.
Reverse mortgage has several qualification and conditions. Initially, the most important requirement is you need to be 62 years old. These loans are designed purposely for seniors. The primary reason for top reverse mortgage lenders, like Live Well Financial, is allow the seniors cash out equity in their house without driving to the risk of probable foreclosure in the future or getting a loan payment to make.
Generally, home equity loans have monthly payment dues. When you apply for a second mortgage, this loan requires payment. However, in reverse mortgage program you are saved from paying as long as the borrower stays in the house. Payment made for the reverse mortgage is only asked when one of the three cases arises; the first one is if the borrower dies.
Secondly is if the home is already bought. Then the third one is if the borrower is no longer living in the home for particular reasons. One common issue is the need of long term aid. Some other reasons can be associated to no payment needed for the balance of the reverse mortgage. This denotes that there is no possibility of default foreclosure.
The Live Well Financial lending company strongly emphasizes that existing first or second mortgages of the house must be paid off first. This normally occurs at closing with the first part of the reverse mortgage being used for the said purpose. The balance amount is then cleared out to the borrower. This can be done in either of these processes. One is if the borrower on a reverse mortgage can opt to get the said amount in lump sum.
Alternatively, the borrower can also prefer to get the proceeds in the monthly dues. They get these payments on a monthly basis which is like a pension. The amount available with a reverse mortgage is identified by several factors. One is the age of the borrower. The older the borrower means the higher the possibility of being granted a reverse mortgage.
In addition to that, the appraisal value of the property is also another factor that can determine the amount available for the loan. The higher the value, then it is evident that the higher amount of loan they can give you. If you opt to pay monthly, then the whole amount received is bigger than that in a lump sum payment. Other local factor that can affect the amount to be loaned is the region.
There are a lot of good reverse mortgage lending companies that can explain further about this program.
">Live Well Financial [http://www.livewellfinancial.com/partners/index.php?p=about.htm<br] is topping the chart for providing the said financial assistance. It pays to go to trusted lending institutions to avoid being scammed. HUD requires a free education orientation for seniors before signing the needed loan papers and contracts. This orientation is highly needed and must be observed.
Reverse mortgage has several qualification and conditions. Initially, the most important requirement is you need to be 62 years old. These loans are designed purposely for seniors. The primary reason for top reverse mortgage lenders, like Live Well Financial, is allow the seniors cash out equity in their house without driving to the risk of probable foreclosure in the future or getting a loan payment to make.
Generally, home equity loans have monthly payment dues. When you apply for a second mortgage, this loan requires payment. However, in reverse mortgage program you are saved from paying as long as the borrower stays in the house. Payment made for the reverse mortgage is only asked when one of the three cases arises; the first one is if the borrower dies.
Secondly is if the home is already bought. Then the third one is if the borrower is no longer living in the home for particular reasons. One common issue is the need of long term aid. Some other reasons can be associated to no payment needed for the balance of the reverse mortgage. This denotes that there is no possibility of default foreclosure.
The Live Well Financial lending company strongly emphasizes that existing first or second mortgages of the house must be paid off first. This normally occurs at closing with the first part of the reverse mortgage being used for the said purpose. The balance amount is then cleared out to the borrower. This can be done in either of these processes. One is if the borrower on a reverse mortgage can opt to get the said amount in lump sum.
Alternatively, the borrower can also prefer to get the proceeds in the monthly dues. They get these payments on a monthly basis which is like a pension. The amount available with a reverse mortgage is identified by several factors. One is the age of the borrower. The older the borrower means the higher the possibility of being granted a reverse mortgage.
In addition to that, the appraisal value of the property is also another factor that can determine the amount available for the loan. The higher the value, then it is evident that the higher amount of loan they can give you. If you opt to pay monthly, then the whole amount received is bigger than that in a lump sum payment. Other local factor that can affect the amount to be loaned is the region.
There are a lot of good reverse mortgage lending companies that can explain further about this program.
">Live Well Financial [http://www.livewellfinancial.com/partners/index.php?p=about.htm<br] is topping the chart for providing the said financial assistance. It pays to go to trusted lending institutions to avoid being scammed. HUD requires a free education orientation for seniors before signing the needed loan papers and contracts. This orientation is highly needed and must be observed.
Source...