Unless you very wealthy and have immediate cash available, getting a mortgage is essential to buying a home. Basically, a mortgage is a loan in which property is used as collateral. There are many types of mortgage loans depending upon your needs and finances. One of these is a special type of mortgage for retirees called a reverse mortgage. Let’s take a look at this type of mortgage and how Nationwide Home Loans can help you get one.
All About Reverse Mortgages
A reverse mortgage is a specific type of home loan designed for homeowners 62 years of age or older. This mortgage requires no monthly mortgage payments and lets you convert a portion of the equity in your home into cash. You can use the money for home repairs, medical expenses, travel, to pay off existing bills, or any other needs you may have. A reverse mortgage loan is structured so that the money you receive monthly never exceeds the value of your home. Getting a reverse mortgage may sound simple, but it is approved only if certain requirements are met that would qualify a homeowner to get this mortgage. Under a reverse mortgage, borrowers continue to live in and own their home and are responsible for staying current on property taxes and hazard insurance, while also maintaining the condition of their home. As with any mortgage, it is essential to choose the best lender who can guide you through the loan process and get you the best rates possible. At Nationwide Home Loans (NHL) based in Florida, we are the leading reverse mortgage company in Fort Lauderdale. Our expert staff helps every client, giving you personalized attention, unlike other big-name lenders.
As with other loans, there are certain fees associated with a reverse mortgage. How many fees you pay also depends upon the lender you choose since everyone has their own guidelines about how much they charge. Generally speaking, the first fee is the origination fee charged upfront to initiate the loan. The second fee is the mortgage insurance premium, which guarantees that the borrower will receive payments. This fee ensures not just the payments, but also that the borrower never owes more than what their home is worth. The last fee is the third-party closing costs. It includes fees for many different things including inspections, recording fees, credit checks, title searches, appraisals, surveys, and local, state, and federal mortgage taxes. At NHL Lending, we are upfront with you about all fees right from the beginning, so you know how much you will be paying and there are no unpleasant hidden charges that you are not aware of. There are also specific tax implications associated with a reverse mortgage that may work for or against you. You should know about these in detail before deciding to get a reverse mortgage, and we can help you with that.
Select NHL Lending As Your Reverse Mortgage Lender
As mentioned before, it is imperative to choose the lending firm you like best. You should complete some research and contact various companies to ask specific questions about their policies and processes before making your final decision. You may also want to look at feedback from customers which can give you a good idea about the company and whether or not it is the right fit for you. When compared to conventional and other mortgage loans, reverse mortgage loans are newer and less common, which may lead to more questions about this product. Our qualified and expert staff at NHL Lending will talk you through each step of the way, tell you about your options, and help you get what works best for your unique situation and needs.
Sometimes changes are made to the Federal rules about the requirements for various mortgages. Our professionals at NHL Lending stay on top of such changes to provide you with the most current and accurate information, so there are no unpleasant surprises for you during closing. We are the leading mortgage lenders in Fort Lauderdale, with a fantastic reputation for helping all our clients. Contact us today at 888-995-6624, and we will be happy to discuss how we can help you with your reverse mortgage.