Understanding Reverse Mortgage

First Reverse mortgage

Use the Equity You've Built in Your Home To Pay You

Wondering how you will get the money you need to pay for rising healthcare costs, monthly expenses, taxes and home improvements? You may be overlooking one of your biggest assets-your home. If you are a homeowner age 62 or older, an OceanFirst reverse mortgage enables you to take the equity you have built in your home and turn it into cash. You can receive your proceeds in a lump sum, monthly or as a line of credit, or a combination of these options. You continue to own your home, guaranteed. No wonder tens of thousands of seniors are choosing reverse mortgages every year.

You keep the title to your home Your heirs won't owe money A reverse mortgage is safe and secure You'll keep all your benefits, including Social Security You will never owe more than the value of your home Closing costs and fees can be financed as part of the loan Interest is paid at the time the loan is repaid No credit or income verification is necessary to qualify You will never owe more then than value of your home The loan does not need to be repaid until the home is sold or the last borrower permanently leaves the home Like a forward mortgage, you heirs can choose to refinance and keep your home or to sell your home and use the proceeds to pay off the reverse mortgage

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How to get the best mortgage rates - Quora

I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.

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