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If you’re 62 and older, you can use a reverse mortgage loan to purchase a new home, or turn your current home’s equity into cash. A reverse mortgage loan gives retirees the opportunity to potentially increase their purchase power or cash flow while eliminating monthly mortgage payments. You are still required to pay property taxes, homeowners insurance, and maintain the home. Here are just a few reasons why you should consider a reverse mortgage.
If you’re a military veteran or still in active service, you may qualify for a U.S. Department of Veterans Affairs (VA) loan. These loans often require no down payment.
A Conventional mortgage refers to any loan that is not insured or guaranteed by the federal government. Conventional mortgages typically have a slightly higher down payment than government loans, but it normally will provide home buyers with more flexibility and fewer restrictions . If you have good credit with a steady income, a Conventional loan may be the right option!
A refinance is a great way to change the terms of your loan to better fit your current situation, get a lower interest rate or payment, or access the equity that is in your home. There are several different options to choose from, contact us today and we can see what options are best for you.
Home loans provided by the Federal Housing Administration (FHA) can make it easier for you to buy or refinance a home. FHA loans usually have lower credit score and down payment options, but have higher safety requirements the homes need to meet.
Owning a home outside the city limits may be easier with USDA-Guaranteed home financing from Fairway Independent Mortgage Corporation.
A renovation loan allows you to buy the home or update your current home and do some repairs/remodel at the same time. Contact us today for more information.