Reverse Mortgage Herndon VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Herndon VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Herndon VA - http://sls-mortgage.com/reverse-mortgage - (703) 594-9229 - SLS Mortgage While Reverse Mortgages may not be for everyone, they can be an excellent choice for many. Are they the right choice for you? Let's explore them in more detail. What is a Reverse Mortgage? * A Reverse Mortgage is a special, Government sponsored program designed specifically for homeowners over the age of 62. Unlike a traditional mortgage, there are no monthly payments to make. There are also no credit, asset or means requirements to qualify for the mortgage. This can be an important factor for seniors with less than sterling credit or for those living on reduced retirement incomes. * Various programs are available with different rates and benefits. There are fixed and variable rate programs, each having different features. While most are still Government Programs, proprietary programs with individual banks have also been available from time to time. While you should always use the broker or bank that you feel most comfortable with, be sure they can offer you the most competitive programs. * Under a traditional mortgage the monthly payments pay for the interest, and usually pay off principal on the loan, thereby reducing the amount of the mortgage. With the Herndon Reverse Mortgage the amount of cash you receive, together with the interest and other charges, are added to and increase the loan balance. This balance however, never has to be re-paid until you move out of your home. You do have to keep your taxes and insurance current and maintain the home, just as you already do. * A Reverse Mortgage is a non-recourse loan. This means that no assets other than your home can be attached to pay off the mortgage. If, when the mortgage comes due, the mortgage amount is greater than the value of the home, the homeowner or estate will only be responsible for fair value of the home unless the home is taken over by a family member, in which case the entire mortgage amount may be due. In other words, a sale must be at "arms-length" or the full loan value may be due. Should the value of the mortgage be less than that of your home, either you or your estate receive the remaining equity in the home when you leave or pass away. Taken together, these features offer what could be considered a "Win-Win" situation. Your mortgage balance becomes due when you sell the home, when you vacate it for more than 12 months, or when the last surviving borrower passes away. On sale, it is satisfied at closing, as would be any other mortgage. Your heirs will have the options of paying off the amount due and keeping the home, or of simply selling the home and receiving any remaining equity. Who can benefit from a Reverse Mortgage? Seniors I have found most likely to benefit from the Reverse Mortgage would be homeowners who: * May be struggling with the payments of a conventional mortgage or equity line of credit. * Require or would like additional cash for rising expenses. * Would like to access the equity in their home for needed repairs, a new car, medical or other specific needs. * Homeowners seeking to age at home and who are not planning to move from the home in the foreseeable future. * Seniors who would rather share with children or grandchildren while still around to see them enjoy it, rather than leave the home's equity in an estate. * Senior homeowners who are facing foreclosure because of their inability to pay their current mortgages may find the Reverse Mortgage an excellent, if not the only option allowing them to remain in the home. * Seniors who simply "want to' have more fun! Who Qualifies for a Reverse Mortgage? Qualification for a Reverse Mortgage in Herndon VA is pretty simple. * The age of the homeowner/s must be age 62 or greater. * The home must be and remain being, the primary residence. You have to live there. * The home must be in good repair. The home will be appraised during the loan approval process. * There can be no other liens on the home. (Current liens or mortgages can and must be satisfied from the proceeds of the Reverse Mortgage.) Reverse Mortgages are rapidly gaining popularity as the preferred choice for many senior homeowners. By having a better understanding as to how they work, now you - together with your most trusted personal advisors, can determine if a Herndon Reverse Mortgage is the right choice for you. http://www.youtube.com/watch?v=hM5ty_u6_3Q Article Source: http://EzineArticles.com/2755619 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Herndon VA - http://sls-mortgage.com/reverse-mortgage