Best FHA Reverse Mortgage Lender Overland Park, Olathe Kansas City Wichita

Best FHA HECM Reverse Mortgage Lender Overland Park, Olathe Kansas City Wichita - A reverse mortgage is a loan that allows homeowners age 62 and older to access part of the equity they have in their home to cash. The cash may be used for any purpose. The loan is repaid when the owner vacates the house, passes away, or fails to pay property taxes and homeowners insurance. The loan amounts or payments are determined by a formula that includes the age of the youngest borrower, the homes appraised value, and current interest rates. There are several requirements the borrower must meet including age, occupancy, lien position, and property maintenance requirements. The borrower maintains ownership of the property, not the bank. There are multiple options available for the payout to the borrower including lump sum, a line of credit, regular monthly payouts, or a combination. There are 3 types of reverse mortgages, the Home Equity Conversion Mortgage (HECM), the Propriety Reverse Mortgage, whose properties are ineligible for FHA financing, and the Reverse Purchase or HECM for purchase. The majority of reverse mortgages are insured by FHA, part of the US Department of Housing and Urban Development. The homeowner must undergo counseling from a professional who specializes in these loans. New American Funding is a member of the NRMLA, the National Reverse Mortgage Lenders Association, and the NAIPC, the National Aging in Place Council. NRMLA members adhere to a Code of Ethics and Professional Responsibility, must serve with integrity and professionalism, and only consider the homeowners best interest. The reverse mortgage is not right for every homeowner, but there are many benefits that our counselors can discuss with you. They will also bring up the key considerations for which it might not be the best option. There are many built in protections for both the homeowner and their heirs. New American Funding has emerged as an industry leader in the reverse mortgage industry because of its reputation for honesty and integrity. Their dedicated department will take the time to make sure that the reverse mortgage is the right option. Best FHA HECM Reverse Mortgage Lender Overland Park, Olathe Kansas 66212, 66061, 66062 Best FHA HECM Reverse Mortgage Lender Overland Park, Olathe Kansas 66212, 66061, 66062 Best FHA HECM Reverse Mortgage Lender Kansas City Missouri CalculatorBest FHA HECM Reverse Mortgage Lender Kansas City Missouri CalculatorBest FHA HECM Reverse Mortgage Lender Overland Park, Olathe Kansas City WichitaBest FHA Reverse Mortgage Lender Overland Park, Olathe Kansas City Wichita

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