Reverse Mortgage Options Cadillac MI

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

Genisys Financial Corporation
(231) 779-9817
Cadillac, MI
Advanced Mortgage
(231) 775-3889
Cadillac, MI
Fcs Mortgage
(231) 775-1361
7594 MacKinaw Trl
Cadillac, MI
Advance Mortgage
(231) 775-3889
7567 Amberwood Ave
Cadillac, MI
Fifth Third Bank
(231) 779-2740
Cadillac, MI
Sigma Financial Corporation
(231) 775-4244
3970 US Highway 131 S
Cadillac, MI
Wells Fargo Home Mortgage
(231) 775-7289
856 N Mitchell St
Cadillac, MI
United Federal Credit Union
(269) 428-2611
2580 S Cleveland Ave
Saint Joseph, MI
U S Bank Home Mortgage
(248) 352-6622
26400 Lahser Rd Ste 444
Southfield, MI
Countrywide Home Loans
(517) 349-3456
5100 Marsh Rd
Okemos, MI

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

VanDyk Reverse Mortgage Company

231-941-1776
859 Robinwood
Traverse City, MI


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