Reverse Mortgage Options Brewster NY

There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different pros and cons that need to be considered.

Local Companies

Realty Seven Inc.
(203) 762-5548
250 Danbury Road
Wilton, CT
Northeast Mortgage
860-664-4400
800 Main Street South
Southbury, CT
Paramount Capital
(845) 279-7202
RR 22
Brewster, NY
Patriot Home Funding Inc
(845) 279-1777
155 Main St
Brewster, NY
Grand Pacific Finance Corp
(718) 359-4321
4199 Main St
Flushing, NY
Citifinancial
(518) 566-9008
51 Smithfield Blvd
Plattsburgh, NY
Great Land Mortgage Inc
(516) 536-2939
322 Main St
East Rockaway, NY
Cmn Funding Inc
(518) 435-1119
11 Computer Dr W
Albany, NY
Fairmont Funding Ltd
(718) 438-4141
6009 16th Ave
Brooklyn, NY
Tri Century Mortgage Corp
(718) 898-1249
14511 Jamaica Ave
Jamaica, NY

Single-Purpose Reverse Mortgages

A single purpose reverse mortgage is the lowest-cost type of reverse mortgages to obtain, but as the name indicates it can only be used for one specified purpose. They are typically offered by state or local government agencies. These loans a great for individuals who need cash for a specific purpose like paying property taxes or fixing up there homes. Here are descriptions for several different types of single purpose reverse mortgages:

Property tax deferral (PTD) mortgages are reverse mortgages that provide loan advances for paying property taxes.

Deferred payment loans (DPLs) are reverse mortgages providing lump sum disbursements for repairing or improving homes.

Federally Insured Reverse Mortgages

A federally insured reverse mortgage is the only reverse mortgage insured by the Federal Housing Administration (FHA). These reverse mortgage are one of the lowest-cost multipurpose reverse mortgages currently available. Overall they typically provide the largest total cash benefits of all the reverse mortgage options. The proceeds from a federally insured reverse mortgage can be used for any purpose. These loans are also known as Home Equity Conversion Mortgages (HECMs).

Proprietary Reverse Mortgages

A proprietary reverse mortgage is a mortgage product owned by a private company. These type of loans are more expensive then the other reverse mortgage types and should be approached with caution. Anyone looking into these type loans should get a comparison with a similiar HECM. One benefit of proprietary reverse mortgages are the higher home value limits. So, if you live in a home that is worth a lot more than the average home value in your county, a proprietary loan may give you greater loan advances than a Home Equity Conversion Mortgage (HECM).

As with any financial decision, you should get professional help to help you decide which option is best for your situation. Reverse mortgage counselors can help you evaluate each of your options and help you make an informed decision.

About the Author:

Charles Kirkendall writes about reverse mortgages and other senior financial issues. Visit http://www.reverse.settle-today.com or http://reverseannuity.blogspot.com for more information and resources.


Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Realty Seven Inc.

(203) 762-5548
250 Danbury Road
Wilton, CT

Related Articles
- Ways To Pay Off Your Mortgage Early Brewster NY
I know, you wish you didn't have to put that mortgage payment in the mailbox each month. So what if you could take that mortgage payment and put it into your pocket instead. Well you can and I'll show you how.
- Reverse Mortgage Requirements Brewster NY
- Mortgage Calculator Brewster NY
- Home Mortgages Brewster NY
- Real Estate And Retirement Brewster NY
- Retirement Nest Eggs Brewster NY
- How To Choose A Mortgage Brewster NY
- Reverse Mortgages Brewster NY
- Should You Consider a Reverse Mortgage? Brewster NY
- Reverse Mortgages Brewster NY
Related Articles
- Ways To Pay Off Your Mortgage Early Brewster NY
I know, you wish you didn't have to put that mortgage payment in the mailbox each month. So what if you could take that mortgage payment and put it into your pocket instead. Well you can and I'll show you how.
- Reverse Mortgage Requirements Brewster NY
- Mortgage Calculator Brewster NY
- Home Mortgages Brewster NY
- Real Estate And Retirement Brewster NY
- Retirement Nest Eggs Brewster NY
- How To Choose A Mortgage Brewster NY
- Reverse Mortgages Brewster NY
- Should You Consider a Reverse Mortgage? Brewster NY
- Reverse Mortgages Brewster NY
Related Local Events
AFFORDABLE HOUSING COMMITTEE
Dates: 12/10/2009 - 12/10/2009
Location: Municipal Building
Hastings, NY
View Details

AFFORDABLE HOUSING COMMITTEE
Dates: 11/12/2009 - 11/12/2009
Location: Municipal Building
Hastings, NY
View Details

RealShare NEW JERSEY 2009
Dates: 10/22/2009 - 10/22/2009
Location: Teaneck Marriott at Glenpointe
Teaneck, NJ
View Details

AFFORDABLE HOUSING COMMITTEE
Dates: 10/8/2009 - 10/8/2009
Location: Municipal Building
Hastings, NY
View Details

Live South Real Estate Show-Melville
Dates: 9/18/2009 - 9/20/2009
Location: Melville Marriott, New York
Melville, NY
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History