Reverse Mortgage Options Rutland VT

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

Citifinancial
(802) 773-2457
310 S Main St
Rutland, VT
GMAC Mortgage Corporation
(802) 773-4882
Rutland, VT
Home Loan Source Inc the
(802) 442-7844
19 Monument Cir
Bennington, VT
Northfield Savings Bank
(802) 862-6222
160 College St
Burlington, VT
Hometown Mortgages Llc
(802) 485-5167
7 S Main St Apt 2
Northfield, VT
Citifinancial
(802) 228-2958
Ludlow, VT
Hills of Vt Residential Mortgage Brokers Inc
(802) 872-2600
3 Main St
Essex Junction, VT
Northfield Savings Bank
(802) 862-6222
160 College St
Burlington, VT
Td Banknorth
(802) 496-2596
5070 Main St
Waitsfield, VT
Community National Bank
(802) 223-0598
Montpelier, VT

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:

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Featured Local Company

Sensible Mortgage Solutions Corp.

603-543-3700
18 Opera House Square
Claremont, NH
www.mysensibleloan.com


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