You have lived a long life and deserve a break and Market Place Mortgage recognizes this fact by offering to pay you closing cost credits that significantly reduce or cover all your closing costs unlike many of our competitors who will maximize costs. Our ethics and transparency is a great advantage to have when reviewing your mortgage options.
Benefit today by taking the pressure off your cash flow. Pay medical bills, take a vacation, help out family members, buy a new car, invest in your future or repair and modify your home. Whatever the reason is we are sure this program will help you. At Market Place Mortgage your trusted partner throughout the process we will put you first in accomplishing your goals.
For those 62 or older you can benefit from an FHA Insured Reverse Mortgage. It sounds complicated but we like to think of it like a home equity line of credit for seniors with the special feature of not having to make a monthly mortgage payment if you so choose. Technically it is called a Home Equity Conversion Mortgage but it is commonly referred to as a Reverse Mortgage for the simple reason that you may defer the interest accrued on the loan to the principal if you so choose. There is no prepayment penalty so you may pay the loan off at anytime or pay down the balance at any time if you so choose. The idea is to give seniors the flexibility if a situation occurs that they have quick access to funds in an emergency without the pressure of having to worry about making a mortgage payment if they don’t have flexibility in their cash flow. This allows seniors to not risk loosing their homes in foreclosure for non-payment of monthly payment and allows them to pass on their home to their surviving spouses without having to make a mortgage payment for the rest of their spouses lives even if they are under 62. In addition seniors can pass their homes on to their heirs as they retain the title. If the heirs want to keep the home they simply would need to refinance it into their name when they take title. If they do not want the home they are welcome to sell it and payoff the reverse mortgage and keep the remaining equity.
The government wants you to have equity in your home so they carefully calculate your loan amount by taking into consideration how long you will live for on average based on your age, the current value of your property, the average appreciation rates in your area and the future maximum deferred interest to the loan based on review of historical interest rates. This reduces their risk by not having to pay out on a mortgage insurance claim and yours by trying to ensure there is always equity in your home. You have the option to choose adjustable rate mortgage options that takes advantage of historically declining mortgage rates since the 1980’s or fixed rate options for absolute certainty.
Underwriting guidelines are flexible and although they look at your income and credit it is for the purposes of determining if you can pay the property taxes and insurance. If you cannot we will set aside funds known as a Lifetime Expectancy Set Aside to help pay taxes and insurance if there is sufficient equity to allow this. You will need to live in the home during the course of the mortgage and have up to one year to sell the home if you do move out. All the equity in the home belongs to you after paying off the mortgage after sale. You will need to receive independent Housing and Urban Development counselling to ensure that you understand the financial elements to this loan. At Market Place Mortgage we have as much time as you need to discuss all aspects so that you gain a full understanding and accomplish your goals.
Live better today for a brighter future. Please do not hesitate to reach out today to learn more about the process.
This material is not from HUD or FHA and has not been approved by HUD or a government agency