A Loan Estimate is a document that details the terms of the home loan you are applying for. By law, the lender you applied for a mortgage with must provide the loan estimate to you within three days of them receiving the application.
At the start of any New Year everyone likes to make new resolutions. Whatever your resolution is, we wish you all the best! But, if your resolution revolves around real estate and potentially buying or selling a home, we want to help you meet that goal.
It’s no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest expense the majority of us take on in a lifetime is our mortgage and each month our home finance payments take a substantial chunk out of our take home pay.
The reverse mortgage loan – also known as the HECM (Home Equity Conversation Mortgage) loan – is a FHA-insured mortgage available to homeowners who have attained the age of 62 and have enough equity in their homes to support the mortgage. The loan size is determined by two primary factors: Equity in the home and age of the home owner. While there are other factors taken into consideration based on how the loan proceeds are paid out (lump-sum, line of credit or monthly disbursements), the application process cannot begin in the absence of sufficient equity or old-enough owner(s).