Reverse Mortgage On Long Island | The Mortgage Outlet
What is a Reverse Mortgage on Long Island?
The Experts The Mortgage Outlet at 631-589-3600 have been handling Reverse Mortgages on Long Island Since 1987. A Reverse Mortgage is a loan product that is offered by lenders for borrowers over the age of 62 and is insured by the Federal Government. Many of today’s seniors over the age of 62 on Long Island are faced with fixed pensions, rising medical expenses, limited Social Security benefits and longer life spans which lead many of them to lower their standard of living when they finally retire. This is why the Government created Reverse Mortgages back in 1987 to help ensure that senior can maintain their standard of living they experience while working.
A Reverse Mortgage on Long Island allows homeowners to borrower money in exchange for the equity within their present owner occupied property. What is different about a reverse mortgage is that you do not have to pay back the mortgage until the last borrower leaves the home permanently.
When the last borrower leaves that property on Long Island you have approximately 6 months to either refinance or sell the property which one of our Licensed Loan Officers can help you with. Reverse Mortgages on Long Island are insured by the Federal Housing Authority which protects lenders interests to insure they get the full amount of the mortgage back no matter what the home might sell for.
This Mortgage Insurance Premium (aka MIP) is paid by all borrowers when they first take out the loan and monthly which enables the government to have funds to make up for any shortness from the sale of the home.
Reverse Mortgage eligibility on Long Island
Before you think of taking out a Reverse Mortgage on Long Island you must determine if the property meets some specific criteria for Houses, Condos or town homes that pass inspection by the federal Housing Authority (AKA the FHA)
All of the borrowers on the title of the property and the mortgage documents must be 62 years or older. Your Home on Long Island does not have to be free and clear of any liens when applying for a Reverse Mortgage. However, any liens on your property must be paid off from the proceeds of the reverse mortgage or cash if there is not enough value from the appraisal.
The Federal Housing Authority dictates how much you can receive through a reverse mortgage depending on current interest rates, age of the youngest homeowner and the appraised value of the home on Long Island
Benefits of a Reverse Mortgage on Long Island
Repayment is deferred until the last borrower dies, sells the home, moves out of house, or defaults on other obligations such as insurance and taxes.
If you leave the home, members of your family have the option of repaying the reverse mortgage and keeping the home.
You pay no interest or payments towards the principle while you occupy the property.
Un-used balances in Line of Credit program will grow annually increasing the funds available to the seniors.
If you are considering if a Reverse Mortgage Loan on Long Island give one of our licensed loan officer a call today or click here to see how much of a reverse mortgage on Long Island you might qualify for. We Can help put you are ease with our down to earth reverse mortgage process, call us today.
We at THE MORTGAGE OUTLET pride ourselves on providing honest information so that all borrowers can make a decision as to what is best for your unique financial situation. See what our past clients have to say about the service we provide through their testimonials. We are ready to answer all of your questions so do not hesitate to call us at 631 589 3600 or email me at email@example.com
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