Large numbers of retirees are getting reverse mortgages in Sanford to help fund their retirement years.This is a serious matter, and you shouldn't take the decision to get this loan lightly. I am more than happy to answer any questions or help determine if applying for a reverse mortgage in Sanford Maine will be right for your situation! Do you need a reverse mortgage in Sanford Maine? We are specialists in the Home Equity Conversion Mortgage or HECM, also known as a reverse mortgage. It is all we do! When working with us you know that our Sanford loan officers can answer any questions and will help structure your loans to meet both present needs and into the future.

Who Are the Experts in Reverse Mortgage in Sanford Maine

Sounds too good to be true, right? But with a reverse mortgage having been regulated by the {government and insured by FHA}, it's a legitimate loan. A reverse mortgage can help do this by giving you the ability to access cash based on what your home is worth now and how much it will be worth when (or if) they sell it later. This can give Sanford seniors more control over their financial situation than traditional mortgages ever could.

Is the Application Process for a Reverse Mortgage in Sanford Simple?

A reverse mortgage gives people the freedom to pay what they can and on their own schedule. If they are facing financial hardship or have an unexpected expense, they can skip a monthly payment without any penalties. As a senior in Sanford , you shouldn't have to worry about leaving your house bestateuse of a money situation. A reverse mortgage is a loan used for seniors age 62 or older, including the disabled and widowed. There are many requirements to qualify for this type of home financing in Sanford which makes it far more exclusive than traditional mortgages like FHA loans. The vast majority of homes that would qualify include single family, manufactured homes where you own the land; townhomes and multi-family dwellings may also be eligible if they meet certain conditions such as being in good repair etcetera. Condominiums can also make qualified under some circumstances but only when HOA's have met specific criteria set out by agencies (e.g., Federal Housing Association). Some oddball structures such as dome houses or A frames might not even work with this kind of loan.

Which Reverse Mortgage Lender in Sanford Should I Apply With?

The high value of homes in Sanford means that many people are not eligible for a reverse mortgage loan. For example, if you have an expensive home with more than $822,735 worth of equity and want to point it out or sell it while still living there - then this kind of mortgage loan may very well be right for you bestateuse they never charge interest on these loans like traditional mortgages do. Once approved for the loan, Sanford applicants can access their funds all at once or in monthly payments. There is also the option to acquire the funds through a line of credit. If people want, they can also do a combination of any of these options.

Let Me Answer Your Questions

The first bucket is the origination fee, or what a lender charges for doing your loan. The second bucket may include third-party fees like mortgage insurance and title company services when applicable. And lastly there's the initial mortgage insurance premium that goes into your escrow account to cover Sanford property taxes, homeowner’s association dues, hazard protection fund premiums if you're in an area where those are required by law as well as private flood policy payments on behalf of homeowners who live near bodies of water with high risk potential. I am happy to answer any and all of your questions about getting a reverse mortgage in Sanford . I have a ton of experience, so feel free to ask me anything! What type is best for me? What will this do to my monthly budget? How much equity am I putting into this agreement? Why should I get one when there are other options out there (like selling our home)?

We work with clients in these locations as well: Alfred, North Berwick, Lebanon, Lyman, Shapleigh The majority of people would like to work with someone who is not only local, but is also an expert at reverse mortgages. There is not any reason to use a mortgage company that is not local when it’s possible to work directly by using someone in Sanford.