At the age of 62, many people are approaching retirement or are already retired. That is when most people in Scarborough start to consider a reverse mortgage. Scarborough Reverse mortgages are gaining popularity bestateuse they make affording a home easier as you age. You don't have to sell your house or take out any other loans, and the interest is tax-free!
A Simple Guide to Scarborough Reverse Mortgage LoansHomeowners that get a reverse mortgage in Scarborough Maine are still required to pay their property taxes, insurance rates, and other property fees. One condition upon a reverse mortgage is that the homeowner must maintain the home for eligibility purposes. This means they cannot neglect it or let it deteriorate in any way before applying for this form of loan - if so you're out of luck! As the nation's leading reverse mortgage lender in Scarborough Maine, we have a responsibility to make applying for funds more economical for everyone. This is why our rates are lower than other banks and you can avoid paying extra fees with us bestateuse of how little advertising that we do!
Can You Get A Reverse Mortgage in Scarborough Maine if You Have Bad Credit?Our loan officers are required to attend continuous training on the reverse mortgage loans that are available in Scarborough Maine as well as advanced planning and utilization techniques, in order to ensure that all of our clients are being served at their best. If you are looking for a local reverse mortgage expert in Scarborough Maine, we may be just what the doctor ordered. Reverse mortgages can become complicated quickly and unqualified specialists won't have your best interest at heart. We're all about keeping things simple while giving you personalized attention to make sure that loans get done right - something not every company is capable of doing!
Do You Need Really Good Credit To Get A Scarborough Maine Reverse Mortgage?Reverse mortgages are not without risks however. There are many things you need to understand about a reverse mortgage before applying with a lender in Scarborough Maine, such as how much it will cost, what happens if interest rates go up or if your health declines during repayment period? It's important to understand the pros and cons before making any decisions about a financial decision like this A Reverse Mortgage Loan Product in Scarborough Maine comes with pros and cons depending on your individual financial situation; potential borrowers are advised to always do thorough research about this matter since there's never just one solution or answer.
Call to Find Out if You QualifyThe 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 Scarborough Maine 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. A reverse mortgage can be a great solution for retired homeowners in Scarborough Maine who want to turn their home equity into cash without selling their house! But it's important to know the facts before you decide. Here's some helpful information about how reverse mortgages work and whether they're right for you. Some people decide to use a reverse mortgage in Scarborough Maine as an alternative solution. They are backed with federal funds and the interest rates vary depending on your credit history, age of residence, home value and equity amount you want loaned against. The most complicated type is called a Home Equity Conversion Mortgage (HECM) that requires expert advice from HUD-approved counselors or financial planners before applying for this type of program bestateuse there may be little penalty if you sell now but it's important to understand how they work should you choose not to stay in your property long term due diligence is needed!
We assist homeowners in these places as well: Old Orchard Beach, Cape Elizabeth, South Portland, Saco, Portland One of the more important things to our clients is the fact that we are local and that they can speak to us one on one. Quite frankly we agree with this. Why would you want to do business with somebody over the phone when you can actually work with somebody in Scarborough in person?