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$4.7 Billion Q3 Net Income

Our transformation is delivering strong results

Big Data Is a Big Deal at Freddie Mac

Big data is the buzzword du jour. There’s no shortage of data in the mortgage finance industry but simply gathering a lot of data isn’t useful.

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Could a Manufactured Home Be Right for You?

Manufactured homes have improved a lot over time, and are an important source of housing across the country. In Kentucky, a new program can help get you ready to buy one.

Annual Affordable Housing Goals

See how we’re helping to meet affordable housing needs nationwide.

The ‘B’ Word: Can We Spot the Next House Price Bubble?

We’re Tracking The Market

Freddie Mac surveys lenders each week on the rates, fees and points for the most popular mortgage products. Average Mortgage Rates as of November 16, 2017

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When the hard work is done and I see results, it gives me a strong sense of purpose.

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Commercial Loans, Commercial Mortgage, home loans today.#Home #loans #today


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Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Ranked the most popular commercial mortgage portal by Home loans today

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Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Home loans todayC-Loans Thanks: Alicia Gandy of Blackburne Sons Realty Capital Corporation

For Closing a $650,000 First Mortgage on a Strip Center in Tulsa, Oklahoma (More Info and Mini-App)

Home loans today

Commercial Loan Portal

to 750 Commercial Lenders

Commercial loans and commercial mortgage rates can be found inside this portal. This commercial mortgage portal allows you to apply to 750 commercial real estate lenders in just four minutes. You simply input your commercial loan request. The C-Loans System will then screen out all of the unsuitable commercial lenders and provide you with a list of 30 (or so) banks which are perfect for your particular commercial real estate loan request. You can then call these banks, life companies, conduits, REIT’s or hard money lenders directly or submit your commercial loan request electronically, six commercial lenders at a time. And C-Loans is free!

Home loans todayC-Loans Thanks: Vito Piche’ of

Red Star Commercial Funding

For closing a $250,000 First Mortgage

on a commercial building in Atlantic Beach, NY


Personal Banking, NRI Banking, Personal Loan & Home Loans – IndusInd Bank, get a home


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INSTANT TWO WHEELER LOANS

Fill in an easy online application form and get immediate approval basis your credit profile.

You need not be an existing IndusInd customer to apply for the loan, anyone can apply for the loan.

Attractive Interest Rates

Get the best of interest rates when you apply online at IndusInd Bank.

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  • In case of any grievance / complaint against the Depository Participant Indusind Bank Ltd:

Please contact Compliance Officer Mr. Vishal Nayak on email-id ( reachus<>indusind.com ) and Phone No. – 91- 1860 500 5004.

  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your Bank to make payment in case of allotment. No worries for refund as the money remain in investor’s account.

    Consequent to the introduction of an amendment to Section 194A of Income Tax Act vide Finance Bill 2015, TDS provisions would be applicable to Recurring Deposits (RDs) with effect from June 01,2015 and Tax At Source will be deducted as applicable.

    IndusInd Bank Limited Registration Number NSE: INE231308847. MCX Stock Exchange Limited: INE261314434 for dealing in currency derivatives segment

    Prevent unauthorized Transactions in your demat account. Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day. Issued in the interest of investors.

    Prevent unauthorised transactions in your Currency Derivative Segment(CDS) Account.Update your mobile numbers/email IDs with CDS Operations

    ( cdsops<>indusind.com ). Receive information of your transactions directly from Exchange on your mobile/email at the end of the day.Issued in the interest of Investors.

    KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

    As per SEBI guidelines we are dispatching new format DIS (Delivery Instruction Slip) to those demat clients who are still using old DIS. Please note that old DIS cannot be accepted on or after January 7, 2016 as per the provisions of SEBI circular.”

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  • Loan Program Handbook for Lenders, Realtors, Non-Profits, CalHFA, best home loan lenders.#Best #home #loan #lenders


    Loan Program Handbooks for Lenders, Realtors, and Non-Profits

    CalHFA has organized its program information into convenient handbooks for easy reference. All the information for a given program from qualifying criteria to forms docs is collected in one easy place. You can print them out for desktop reference, or browse and search them online in PDF format. Get familiar with their layout, and you’ll be a CalHFA program whiz in no time.

    FIRST MORTGAGE PROGRAMS

    Conventional Loans (Conventional Program Matrix)

    Best home loan lenders

    Lender Training Video: Conventional First Mortgage Products

    A description of how your clients can benefit from CalHFA’s Conventional Loan Programs. Don’t forget to take the exam after each video for a verification of training.

    The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

    The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

    Government Insured Loans (Government Loan Programs Matrix)

    Best home loan lenders

    Lender Training Video: FHA First Mortgage Products

    A description of how your clients can benefit from CalHFA’s FHA Loan Programs. Don’t forget to take the exam after each video for a verification of training.

    The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

    The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

    The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

    The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

    Best home loan lenders

    Lender Training Video: CalHFA VA Loan Program

    A description of how your clients can benefit from the CalHFA VA Loan Program.

    DOWN PAYMENT ASSISTANCE PROGRAMS

    Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

    This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment.

    Resubordination Process for CalHFA Junior Loans

    *As of February 1, 2017, all resubordination application packages must be submitted electronically. Please refer to the resubordination instructions below.

    Recent legislation has enabled CalHFA to resubordinate existing junior loans if homeowners meet certain eligibility requirements. This legislation will help existing homeowners keep their homes by allowing them to refinance their existing first mortgage and not be forced to pay off their existing CalHFA junior loan(s).

    To determine if subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification.

    MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

    A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

    Updates and changes will be announced from time to time via a Program Bulletin ( Program Bulletin or Program Bulletins ) and Lenders should sign up for Enews announcements and monitor CalHFA s website for specific Program Bulletin updates and changes to the Program Manual.

    Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes.

    Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. State Treasurer s Office), federal (e.g. GSEs, FHA) or private (e.g. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification.

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    Home Equity & Credit Loans, Mortgage, St, home equity loan.#Home #equity #loan


    Home Loan Products

    There s no feeling quite like holding the key to your new house for the first time. Although it s such a simple piece of metal, one key has the power to unlock the walls guarding the space where your most significant life events will unfold.

    Home is where you will entertain your closest friends and family; it provides a safe haven for your children s imaginations to flourish; it comforts you each night when you rest your head. It does all of this and everything in between.

    At Arsenal, we know that home is the epicenter of your world. Our home loans are designed to help you stop dreaming and start living in a space you can call your own.

    Our fast, professional mortgage team will guide you through the process with the superior service you ve come to expect from your credit union. (Click here for a current list of Mortgage Loan Originators at Arsenal Credit Union who are registered with NMLS.) Our licensed loan officers will help you determine which of the many different types of mortgage products we offer best fits your need.

    We re here to help you any way we can. You may find this FAQ document and these mortgage calculators helpful, plus these other resources.

    A great first step is to get pre-qualified so you have a good idea of how much you can afford; there s no obligation to borrow. Use this form. Or, you can skip that step and apply for a mortgage loan now.

    Rates may change daily. For current rates and terms, click here or call 314.962.6363 and say or press 4 then 1. If you have found your dream home, consider locking in a rate as soon as possible.

    Home equity loan If you are a first-time homebuyer, our local partner, First Integrity Mortgage Services, can show you how you can become a home owner.

    Protect your home and what s inside it with homeowner s insurance. Cover yourself against losses or damage from fire, weather, theft and more. Protect yourself from liability if an accident happens on your property.

    Go Green Loans

    These loans carry special rates and terms for homeowners looking to make energy-efficient improvements. Borrow as little as $500 or as much as $15,000 for up to 60 months at interest rates as low as 5.99% APR*. Click here to read more.

    *APR = Annual Percentage Rate. Rate varies and is based on creditworthiness. Lowest rate cited as of September 1, 2017, and is subject to change. Contact the credit union for complete details.

    Home Equity Loans and Lines of Credit

    The equity you have in your house is the difference between what you still owe on your house (your mortgage balance) and what your house is worth on the market now (the appraised value).

    You can borrow against your equity to consolidate bills, fix up your home, finance college tuition, even purchase a new car. Unlike many other lenders, we allow you to borrow up to 100% of the equity you have in your home, plus we pay for the associated closing costs * on such loans a $500 to $700 value on average! Interest on home equity loans is often tax deductible, too. Check with your tax advisor for details.

    If you choose a home equity line of credit, you can draw on it as you need it. For example, if your credit line is $22,000, you might decide to initially use $5,000 to pay off all your credit card debts. A year or two later, you may want to remodel your kitchen or basement and get a $10,000 advance from your credit line to make it a reality. Tap into your line of credit anytime without reapplying with special checks from the credit union. As you pay off your credit line, the money becomes available for you to borrow again.

    Home equity loans (fixed rate)

    • Borrow 60%, 80%, or 100% of your home s equity.
    • At 60%, borrow a minimum of $20,000.

    Home equity lines-of-credit (variable rate)

    • Borrow up to 80% ($10,000 – $150,000) at the prime rate**
    • Borrow up to 100% ($5,000 – $100,000) at the prime rate + 1.0% APR***

    *ACU may pay closing costs for home equity loans or lines of credit. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate. In the provided example, if borrowing 60% of the equity you have in your home, you could borrow $33,000. At 100%, $55,000.

    **Floor 4.50%, May adjust monthly. Adjustment cap 2%, lifetime cap 20%

    ***APR = Annual Percentage Rate. Floor 6%. May adjust monthly. Adjustment cap 2%, lifetime cap 20%.

    To apply for a home equity loan or line of credit, please visit any of our branches or call us at 314.962.6363 or 618.239.6363, option 4.

    If you currently have a home equity loan or line of credit with us, you can update your insurance information here.


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    700,000 Homeowners Could Still Benefit From U.S. HARP Refinancing

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    Debunking 5 Major Myths About Refinancing Your Home

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    Why Former Fed Chairman Ben Bernanke Couldn’t Refinance his Mortgage

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    Types of Mortgage Loans and Home Loan Programs, The Truth About, home mortgage loan.#Home #mortgage


    Loan Types and Programs

    Home mortgage loan

    There are an infinite number of loan types out there, and lenders are constantly coming up with creative ways to wrangle in new homeowners. The type of home loan you choose can make or break you as a borrower, so make sure you fully understand it before making any kind of commitment.

    These days you ll probably come across ridiculous loan programs that seemingly allow anyone to qualify for a home loan. There are 1% start rate loans, often referred to as neg-ams or pick-a-payment programs, and 40-yr and 50-yr loans that stretch the mortgage payment out over what seems like a lifetime.

    Most prospective homeowners these days seem to be interested in 100% financing, generally because they have don t have the assets necessary for a down payment. Unfortunately, the proliferation of these types of home loan programs have increased the number of high-risk borrowers in the United States at an alarming rate.

    That may explain the surge in mortgage defaults and foreclosures over the past several years.

    But if you take the time to educate yourself on the many home loan types out there, you ll effectively decrease your chances of defaulting on your mortgage. That said, let s talk about the many different loan types and programs available today.

    Before getting into specific loan programs, I want to highlight the types of loans available to potential homeowners.

    Conforming Loans and Non-Conforming Loans

    One way home loans are differentiated is by their GSE eligibility. If the loan meets requirements set forth by Fannie Mae and Freddie Mac, it is considered a conforming loan. If the loan doesn s meet all the underwriting requirements set forth by the pair of GSEs, it is considered non-conforming.

    One of the main guidelines that determines whether a mortgage is conforming or not is loan amount. Generally, a mortgage with a loan amount below $417,000 is considered conforming, whereas any loan amount above $417,000 is considered a jumbo loan. However, in Alaska and Hawaii the confirming limit is $625,500.Note that the conforming limit may change annually, and has risen quite a bit in the past few years as housing prices skyrocketed.

    A jumbo loan may meet all of Fannie Mae and Freddie Mac’s loan underwriting guidelines, but if the loan amount exceeds the conforming limit, it will be considered non-conforming and carry a higher mortgage rate as a result.

    If your loan amount is on the fringe of the conforming limit, sometimes simply dropping your loan amount a few thousand dollars can lower your mortgage rate tremendously, so keep this in mind anytime your loan amount is near the limit.

    Conventional Loans and Government Loans

    Mortgages are also classified as either conventional loans or government loans. Conventional loans can be conforming or jumbo, but are not insured or guaranteed by the government.

    Then there are government loans, such as the widely popular FHA loan. This type of mortgage is backed by the Federal Housing Administration (FHA). Another common government loan is the VA loan, backed by the Department of Veteran Affairs. The max loan amount for these types of loans varies by county. There s even a USDA home loan backed by the same folks that grade steaks!

    Now that you know a bit about different home loan types, we can focus on home loan programs. As I mentioned earlier, there are a ton of different loan programs out there, and more seem to surface everyday. Let s start with the most basic of loan programs, the 30-year fixed-rate loan.

    The 30-year fixed loan is as simple as they come. Most mortgages are based on a 30-year amortization, and the 30-year fixed is no different.

    The 30-year fixed loan is just how it sounds, a loan with a 30-year term that is fixed for 30 years. What this is means is that the loan will take 30 years to pay off, and the rate will stay fixed during those entire 30 years. There isn t much else to it.

    Let s say you secure a rate of 6.5% on a 30-year fixed loan with a loan amount of $500,000. You ll have monthly mortgage payments of $3160.34 for a total of 360 months, or 30 years. You will be required to pay the same amount each month until the loan is paid off. So the total amount you would pay on a $500,000 loan at 6.5% over 30 years would be $1,137,722.40.

    Total Interest Paid over Life of Loan: $637,722.44

    Interest Paid in 2006: $32,335.45

    Interest Paid in 2007: $31,961.17

    Average Monthly Interest Paid over Life of Loan: $1,771.45

    You will also need to pay taxes and insurance on top of this mortgage payment, so keep that in mind when figuring out how much house you can afford.

    This sounds steep, but most people don t stay in a 30-year loan for 30 years. They either pay it down quicker by making higher monthly payments (biweekly mortgage payments), or they may sell or refinance the loan.

    Another common and simple to understand loan is the 15-year fixed loan. This works exactly like the 30-year loan except the same fixed payment is made in half the time, 180 months or 15 years. Obviously the payment will be much higher, but you will pay less interest and gain more home equity in a shorter amount of time. People who have an ample amount of income usually prefer this type of loan to reduce the overall cost of financing a mortgage.

    This is how it breaks down:

    Total Interest Paid over Life of Loan: $283,996.63

    Interest Paid in 2006: $31,900.36

    Interest Paid in 2007: $30,536.41

    Average Monthly Interest Paid over Life of Loan: $1,577.76

    The monthly payment is significantly higher, but the amount of total interest paid over the life of the loan is much less. Because you re putting more money towards the equity of the home, you paying less interest each month, which you ll see as the $1.577.76 figure as compared to the $1,771.45 you d pay on a 30yr fixed loan. That s nearly $200 a month that you would save in interest charges by electing to take a 15-year fixed mortgage.

    Although the monthly payment is markedly higher than the 30 year fixed mortgage, the total interest paid during the 15 year loan is substantially lower. It may seem like the obvious choice, but it s more complicated if you factor in tax deductions and the power of leverage. Not to mention if you can afford a monthly mortgage payment that high.

    Learn about other types of mortgage programs including:


    Mortgage Calculator Canada, Calculate Mortgage Payment, home mortgage payment calculator.#Home #mortgage #payment #calculator


    Mortgage Payment Calculator Canada

    Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.

    Purchase

    Renewal or Refinance

    Select rate

    Make your calculator results reality

    Secure a great mortgage rate and lock in your monthly mortgage payment now.

    How to estimate mortgage payments

    There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).

    To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.

    If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.

    How to lower your mortgage payments

    There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.

    Frequently Asked Questions

    Is your mortgage payment calculator free?

    Absolutely! Our calculators, website and rate comparisons are completely free for users. Ratehub.ca earns revenue through advertising. We promote the lowest rates in each province offered by brokers, and allow them to reach customers online.

    Why does your monthly calculator have four columns?

    We think it’s important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you’ll know how a variable vs. fixed mortgage rate changes your payment.

    How do payments differ by province in Canada?

    While majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment 5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the differences:


    Home Financing Calculators and Tools, home loan amortization.#Home #loan #amortization


    Home Financing Calculators and Tools

    HSH.com s free mortgage calculators can answer even complex financial questions in just a few minutes. We’ll help you find answers to common items, such as “Can I qualify for a mortgage?” What s my monthly payment?” or “Will prepaying my mortgage help me save money?” all the way up to more difficult ones, such as “How large of a down payment do I really need?”, “What s the best way to pay for my refinance?” or even “When will my home no longer be underwater?”

    Whether you re looking to learn more about your purchase, refinance or you simply need a few tools to better help you manage your mortgage, HSH.com has all the bases covered. Scroll down to browse our calculator list or use the navigational elements below to find the calculator you are looking for.

    Most Popular Calculators

    Mortgage Calculator with Amortization Schedule

    The classic: Full payment-by-payment amortization of your loan and a print-and-take-away schedule. Biweekly schedules, too!

    PMI Cost Calculator

    What will mortgage insurance cost with less than a 20-percent down payment?

    PMI Calculator

    A more complete review of your loan’s costs, including your mortgage insurance premium — and when it will disappear.

    Refinance Calculator

    Plug in your numbers and find out the best way to pay for your refinance — find out how to save the most money.

    Refinance Calculators

    Refinance Calculator – HSH.com’s TriRefi℠ Calculator

    Plug in your numbers and find out the best way to pay for your refinance — find out how to save the most money.

    PreFi℠ Prepayment Refinance Calculator

    Prepaying your mortgage can save you as much interest as refinancing — without the cost or hassle!

    LowerRate℠ Mortgage Prepayment Calculator

    Wish you refinanced at the very bottom for mortgage rates? Pick the rate you want and prepay your mortgage to the same savings!

    Refinance Calculator- Should I Refinance My Mortgage?

    The age-old question — answered in this classic “break-even” calculation.

    Home Mortgage Calculators

    Rent vs. Buy Calculator

    Take the plunge into homeownership or not? See all the financial angles to see if buying a home will benefit you (requires Java).

    Down payment Decisioner℠ Down Payment Calculator

    More down payment or less? Learn the cost break points for mortgage insurance and how to keep or save the most money when buying a home.

    FeePay BestWay℠ Closing Cost Calculator

    Find out the best way to pay your home loan’s closing costs — out of pocket, in the loan balance or incorporated into the rate.

    How Much House Can I Afford?

    Qualify yourself for a mortgage amount and maximum home price just like the professionals do.

    Income Qualification Calculator

    See what kind of income you’ll need to cover your mortgage payment, property taxes, insurance, maintenance costs and more.

    It’s My Term Prepayment Calculator

    You choose when you want your mortgage to end — we’ll tell you what you need to spend to make it happen.

    RoundUp℠ Prepayment Calculator

    Painlessly putting even a few extra dollars per month toward your mortgage can save you a bunch of money over time.

    Underwater Mortgage Calculator – KnowEquity When℠

    Downturn left you underwater? Find out when you won’t be through the process of amortization and appreciation.

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    Home value estimator: MyHPI.

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    Wells Fargo Reverse Mortgage – Reverse Mortgage and Loan News, wells home mortgage.#Wells #home #mortgage


    Wells Fargo Reverse Mortgage

    Wells home mortgage

    Back to basics. Wells Fargo recently updated their reverse mortgage section with the latest definition of what is a reverse mortgage. While they do not list rates on their site, having the basic understanding goes a long way for a senior or loved one looking for basic information.

    A reverse mortgage is exactly what its name implies — a loan whose features make it essentially the reverse of a traditional forward mortgage. Instead of making monthly payments, you can choose to receive them. That’s the “reverse” part of a reverse mortgage. Instead of turning your income into equity, you turn your equity into income.

    That last feature — the ability to turn your equity into income — is what most distinguishes a reverse mortgage from other loans, and it s what makes it so valuable to many senior homeowners. Having spent years repaying the mortgage that allowed you to buy your home, you can now tap into that investment to help you achieve your goals later in life. However you plan to use your equity — whether traveling, paying medical expenses, improving your home, or just adding a bit of cushion to your monthly budget — you ll have a golden opportunity to put your nest egg to good use.

    Nothing happens to your home — you remain the owner for as long as you live there, and you cannot be forced to move. Unlike a traditional mortgage, however, your balance cannot exceed the value of your home when you sell it. So no matter how much money you receive through your reverse mortgage, you cannot owe more than your home is worth. Having that assurance is important. After all, you ve put a lot of money into your home, and you should have control over how to take it out.

    To be eligible for a reverse mortgage, all owners listed on the home s title must be at least 62 years of age and occupy the home as their principal residence for the majority of the year. The property must be a single-family or a two-to-four unit dwelling. Townhomes, detached homes, condominium units, planned unit developments (PUDs), and some manufactured homes are eligible.

    Speaking with an approved reverse mortgage counselor is another important eligibility requirement. The Department of Housing and Urban Development (HUD) supervises counseling agencies that can work with you in person or, more commonly, over the phone. Be aware that a fee is charged for these services. Your Wells Fargo reverse mortgage consultant can provide you with a list of authorized counselors.