Reverse Mortgage Loan Product
What is a Reverse Mortgage?
A reverse mortgage is a home loan product that lets you tap into a portion of your existing home equity for cash. The equity that you have built up all these years can now be paid out to you. However, instead of having to repay this money in the form of mortgage payments, no monthly payment is due. In fact no payment is required until you no longer use this home as your primary residence.
In what instances are Reverse Mortgages used?
- Supplemental Income is needed.
- Prescription Drug costs are strapping your monthly budget.
- Avoid Foreclosure.
- Home Remodeling
- Purchase Life Insurance
Is my home eligible?
The home must be a single family home or a 1-4 unit building with 1 unit occupied by the borrower. HUD approved Condos are also available.
How much money can I get from my home?
There are a few differnet variables that go into this caluclation. Basically the more your home is worth, the older you are, the lower the interest rate, the more money you can access. You can use this Calculator to estimate your particualar situation. Just keep in mind this is a calculator from a 3rd party website and we are not responsible for the accuaracy of this information nor do we endorse this site.
What are my payment receipt options?
You have five options:
- Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term - equal monthly payments for a fixed period of months selected.
- Line of Credit - unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure - combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
Kay Brooks is our Reverse Mortgage Specialist. Be sure to contact her for any questions you have as well as get details on your particular situation! Office: 660-438-9720
9-3-2010
Today's Rates
| Conventional 30 Year Fixed |
4.500% | |
| 4.594% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.423% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 20 Year Fixed |
4.375% | |
| 4.504% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.489% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 15 Year Fixed |
3.875% | |
| 4.037% APR | ||
| 3.750% | ||
| 1 Point Paid | 3.913% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| FHA 30 Year Fixed |
4.500% | |
| 4.733% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.558% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| VA 30 Year Fixed |
4.500% | |
| 4.733% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.591% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| USDA 30 Year Fixed |
4.625% | |
| 4.885% APR | ||
| 4.375% | ||
| 1 Point Paid | 4.711% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
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