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Windermere Real Estate Southland
1173 South 250 West, Building 2, Suite 503
St George, UT 84770
Office Phone: 435-688-1900
Office Fax: 435-628-0860
NEED INFORMATION ABOUT REVERSE MORTGAGES?
Reverse Mortgages Lose Their Luster - A Forbes article.
10.6.09
A few things to know if your are
interested in a reverse mortgage"
Complete list @
http://www.nls.gov/offices/hsg/sfh/hecm/rmtopten.cfm
1. A reverse mortgage is a special type of home loan that
lets you convert a portion of the equity
in your home into cash.
2. To be eligible for a FHA HECM, the FHA required that
you be a homeowner 62 years or
older..that own you home or have a small balance.
3. Must be a single family home or a 1-4 unit home with
one unit occupied by the borrower.
4. With a traditional home equity line of credit, you must
have sufficient income versus debt
ratio to quality for the loan and are required to make monthly
payments. The difference is
that the reverse mortgage is different in that it pays you and
is available regardless of your current
income.
5. Generally, the more valuable your home is, the older
you are, the lower the interest,
the more you borrow.
6. You do not have to repay the loan as long as you or one
of the borrowers continues to live in
the house and keep the taxes and insurance current. You
can never owe more than the value of
your home at the time you or your heirs sell the home.
7. When you sell your home, you or your estate will repay
the cash you received from the
reverse mortgage, plus interest and other fees, to the lender.
The remaining equity belongs to you
or to your heirs.
8. Use the calculator below to get an idea of how much
money you can receive. It will vary some
because of the current interest rates.
Where ever you get the loan, the
cost of loan will include a $10,000 for FHA insurance and there
is a cap of $6,000 for other fees. The method you
take the loan will vary according to your needs.
Scott Gibson of SGI Mortgage (435-674-1090) or any loan officer
would be happy to sit down
with you and explain it to fit your circumstances.
http://www.reversemortgageguides.org/
Calculator Results
SOURCE:
http://www.reversemortgageguides.org/web_tool/ http://www.reversemortgageguides.org/
Rental Rates & Company Links:
http://preferredstgeorge.com/ |
http://www.jpmmesquite.com
|
http://www.stgeorgerentals.com/
Annette Taylor, Realtor
E-mail:
taylor.annette@gmail.com
Cell: 435-632-6457
For the latest MLS monthly real estate stats - just click on our
"local real estate market stats"
button.
Note 1:
FSBO's - Your home or lot information provided will be posted on
www.StGeorgeHomescene.com We are not responsible
for any in-accurate or old information. It is your
responsibility to keep us informed if your home or lot has been
sold or information has been changed.
Disclaimer: This site is a FREE site designed as a
service to the community. I do
have an active Utah real estate license. I will be glad to
answer any questions that you may have about the market.
If you have any suggestions to improve this site, I would
appreciate hearing them.
Disclaimer2: The listings on this site are to aid
you in your home or lot search. They are not in
anyway to be taken that they are my listings. It is to
show you the homes and lots that are available for sale and to
aid you in your search. |
