Reasons to refinance:
A reverse mortgage, the most popular form being the “Home Equity Conversion Mortgage” (HECM), is a mortgage that allows seniors (aged 62 years and above) to access and borrow against the equity in their home without having to sell it, give up the title, or incur a monthly mortgage payment.
While such funds can be used for any purpose, repayment is required only if the borrower dies, sells the home, or no longer occupies the home as the primary residence. The proceeds of the reverse mortgage depend upon the age of the youngest borrower, the current interest rate, lower of the appraised value or purchase price of the home, and the maximum mortgage limit.
While the traditional HECM program oﬀered ﬁnancing on existing primary residence, Congress has, over the recent years, expanded the program to allow for the purchase of a home.
The seller, sellers agent, buyer, buyers agent, escrow, title, appraiser, and notary all need to be kept up to date, to the minute on the status of the loan as it is processed. We make it easy, our automated system will keep all parties informed every step of the way.
A foreclosed property can represent a great opportunity and a good value — but a Home Possible program can offer even more. Some homes may qualify for special incentives, which will be clearly indicated on the property details page of an eligible property. Ask Michael about this options.