Utah mortgage loans is committed to helping you find the right mortgage product for your needs in South Ogden. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
For many seniors one of their greatest sources of security is
their home. It not only provides a comfortable and familiar
environment, but it provides a sense of independence and a
source of many fond memories. The equity in that home represents
a financial nest egg and a legacy for them to pass on to their
family. With the ever-increasing cost of maintaining a home,
along with the overall rise in the cost of healthcare, finding
the resources to live out ones life at home is becoming a
growing challenge.
What is a Reverse Mortgage? A reverse mortgage, also known as a
Home Equity Conversion Mortgage (HECM), is a government insured
loan program that allows senior homeowners, age 62 and older, to
convert the equity in their home into usable cash. Unlike a
conventional mortgage however, qualification is not based on
credit, employment, income, or assets, and there are no monthly
payments. The homeowner never forfeits title, and as long as
they pay the property taxes and homeowners insurance, no
repayment is required until the senior no longer occupies the
home due to their sale of the property or their passing.
Are Reverse Mortgages Safe? Absolutely! Reverse Mortgages are
FHA insured or backed by Fannie Mae. And as long as you continue
to live in the house as your primary residence, keep the
real-estate taxes and insurance(s) current, and comply with the
terms of the loan, you do not have to repay the loan.
For an increasing number of seniors, age 62 or older, a reverse
mortgage has provided great peace of mind. They are provided the
tax-free cash to meet these financial demands without giving up
title to their home. They have no monthly payment or deadline as
to when they must move or pay off the loan. Although the program
is viewed by seniors as a possible solution to there financial
needs, they are concerned about putting themselves, their home
or their family at risk. Following are a few of the safeguards
that HUD and Fannie Mae have provided:
1.Loan amounts, interest rates, and loan terms are set by HUD
and Fannie Mae and can never vary from one lender to another.
2.HUD and Fannie Mae have established what fees can be charged
and has set caps on them all. 3.All programs have lifetime
interest rate caps 4.The term of the loan is 150 years beyond
the birth date of the youngest homeowner (i.e. date of birth
April 1940, loan expiration April 2090) 5.If a spouse passes,
none of the terms of the loan change, and the remaining spouse
may stay in the home for as long as they wish 6.If you are
receiving monthly draws from your reverse mortgage, and your
check is late for any reason, the lender is required by federal
statute to pay the homeowner a 10% late fee. 7.Funds from a
reverse mortgage are not considered income and therefore are not
taxable and have no affect on ones Social Security or Medicare
8.If a homeowner’s health required extended hospitalization or
assisted living care outside the home, as long as the homeowner
returns to their home within 12 months there is no interruption
in the loan 9.Lenders are not permitted to take any steps in
processing a reverse mortgage for any homeowner until the senior
has received independent counseling from a certified reverse
mortgage counselor. 10.Following the closing of the reverse
mortgage the homeowner has a three-day period to reconsider the
loan and cancel the transaction without any cost or obligation.
Reverse mortgages provide a safe secure solution for seniors to
live out their life in the comfort of their own home with the
dignity they deserve.
About the author:
Barry Scoles is a leading expert in the Reverse Mortgage
industry. For more information please contact him at 1st Reverse
Mortgage USA 877-217-0166 or bscoles@1streversemortgageusa.com