Reverse Mortgages

Home Equity Conversion Mortgage (HECM)

What Are The Benefits of a Reverse Mortgage?*

 You can stay in your home.

 Funds from you home’s equity are available when you need it .

 You may receive your funds as a monthly payment, a line of credit, a lump sum payment or as a combination of all of these.

 This loan may be able to help you with your financial and retirement planning (Speak to a certified financial advisor for more information – we do not offer financial retirement advice).

 

Who is Eligible for a Reverse Mortgage?*

You must meet the following eligibility criteria to pre-qualify for a reverse mortgage:

 You must be at least 62 years old.

 Take a HUD approved counseling session and receive a certificate of completion.

 You must live in the home as your primary residence.

 Current mortgage balance must be low enough that it can be paid off with the loan proceeds.

 

What Properties are Eligible for a Reverse Mortgage?*

Reverse Mortgages follow FHA property eligibility standards:

 Single family homes.

 2 to 4 unit properties.

 An FHA approved condominium.

 Manufactured housing (needs to be on a permanent foundation).

 

Things to Consider:*

 Counseling: Before you apply for a Reverse Mortgage, you must first consult a HUD housing counselor in order to help you determine whether a Reverse Mortgage (HECM) is right for your particular situation.

 Repayment: Unlike a traditional mortgage in which you make monthly payments, a Reverse Mortgage (HECM) uses the equity in your home in order to provide you with proceeds. The mortgage becomes due when you pass away, sell your home, or move out. If you pass away, your heirs can pay the loan by selling the home or by refinancing it.

 Responsibilities: You’re still responsible for property taxes and homeowner’s insurance.

*All applications are subject to credit, property and income approval. This is not a commitment to lend. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements. Loan products are subject to change and may not be available in all cities or states.

VA Home Loans

VA Residential Loans have many advantages that make it one of the most appealing paths to home ownership, this great benefit is reserved exclusively to those veterans who bravely served our country and select military spouses.**

 

What Are The Benefits of an VA Home Loan?*

 Up to 100% financing is available with no mortgage insurance.

 No appraisal needed on VA Streamline Refinance loans (If discount points charged an appraisal will be required).

 Closing costs limited due to VA guidelines.

 Closing costs may be paid by the seller.

 Surviving spouses of deceased veterans may also be eligible.

*All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.

**Must qualify for eligibility requirements.

Conventional Mortgages

Fixed Rate Mortgages*

A fixed rate mortgage is a mortgage loan that has a fixed interest rate for the entire term of the loan. With this type of loan your interest rate and payments will be consistent throughout the duration of your loan. You’ll never have to worry about your interest rate increasing. Fixed rate mortgages are available in a variety of term lengths ranging from 10 years to 30 years.

 

Adjustable Rate Mortgages (ARMs)*

An ARM may save you money on your loan, and might be a great option for someone who only plans on living in their home for a few years. ARMs are available in a variety of configurations and term lengths, the most common are 5/1, 7/1 and 10/1; the first number represents the number of years the interest rate on your mortgage will remain fixed. The second number represents how often the interest rate will change after the fixed rate period expires (in this case, it may adjust annually). Also referred to as the adjustment period. During the adjustment period your rate may increase or decrease which will make your monthly payments higher or lower.

*All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.

FHA Home Loans

What Is an FHA Home Loan?

An FHA home loan is a mortgage program offered by an FHA-approved lender like Nationwide Mortgage Bankers, Inc. FHA home loans are insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD).

 

What Are The Benefits of an FHA Home Loan?*

 A down payment requirement as low as 3.5%.

 The option for the seller to contribute up to 6% of the sale price.

 A relative can be a co-applicant on your loan as a non-occupant (not available on cash-out transactions).

 

Eligible Properties:*

 1 to 4 Family Properties

 A HUD approved condominium.

 A manufactured housing unit (must be on a permanent foundation built on or after June 15, 1976).

 

*All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.