|
|
 |
|
|
Renovation Mortgage |
Reverse Mortgage |
|
Renovation Mortgage
Renovation Mortgage options: • FHA 203K— Repair, modify, upgrade, or even tear down and start over up to the FHA loan limit. Primary home only. • VA Renovation— Minor remodeling and Non-structural repairs. Total costs can not exceed $35,000 • Fannie Mae HomeStyle—Repair, modify, upgrade includ-ing landscaping and pools. Primary, second home, and in-vestment properties eligible.
|
 |
Reverse Mortgage
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older.
A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan and when you take out a reverse mortgage loan, the title to your home remains in your name. However, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principle residence, and keep their house in good condition.
|
| To apply or get more information to see if a Reverse Mortgage is right for you, give us a call directly at 386-756-8228. |
 |
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $10,000,000 with closing costs of $100,000. Your actual APR may be different depending upon these factors.
|
|
|
|
|
|