Reverse Mortgage Lenders East Patchogue New York
All about Reverse Mortgages in East Patchogue N Y
So you are thinking of applying for a reverse mortgage for your home located in East Patchogue NY but you are not sure if this is the best option for your current financial situation. According to the Television Commercials a reverse mortgage is a great tool to help those 62 and older who are short on cash or need to supplement their retirement income by using the equity in their home. The money can be used for anything you wish. The best part is that you can retain ownership and continue living in your home and the loan does not have to be paid back until you leave the home. But like anything in life that sounds too good to be true, there has to be some sort of catch right?
What is a reverse mortgage?
A reverse mortgage is a home equity loan that is insured by the FHA to protect the lenders. This product is available to those who are 62 years or older in East Patchogue New York. The amount of you loan is based on a percent of the equity in your home which must be your primary residence. To come up with an exact number we need to know the age of the youngest owner, the values of the home, where interest rates are and which the high lending limit is in East Patchogue New York. Payments are made by the lender to the borrower at closing and can be either a lump sum, monthly payments a combination of both or as a line of credit. The outstanding loan balance in not due until the last remaining borrower on the note leaves the house. At this time the outstanding balance is due, those mortgage balances that are greater then what the house is worth are covered and paid by the FHA who insures these loan products. At no time with the heirs of the estate be responsible for any shortages.
All potential borrowers should know that there are Reverse Mortgage Scams in Suffolk County that prey on those that have not done the right amount of research to determine if a reverse mortgage is right for you. Before making this financial decision we wound recommend that you speak with a HUD Counselor and/or a loan expert at the mortgage outlet to get the basic data to help you make the right choice. We at the mortgage outlet wish all of you looking for a reverse mortgage in East Patchogue, NY and should you have any further questions please click here, or call us at 631 589 3600
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