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Reverse Mortgage Options Wilmington DE

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

Abundant Solutions, LLC
(877)383-1034
PO Box 807
Wilmington, DE
American Independence Mortgage
610-910-4042
2 Ponds Edge Drive
Chadds Ford, PA
HomCastle Mortgage
484-840-1700
50 Applied Card Way
Glen Mills, PA
Associated Builders & Contractors

789 Sherman
Denver, CO
Pike Creek Mortgage Group
(302) 892-2811
5233 W Woodmill Dr
Wilmington, DE
Freedom Financial Services
(302) 575-1100
1601 Concord Pike Ste 80
Wilmington, DE
East Coast Mortgage & Financial Services Inc
(302) 498-0100
Wilmington, DE
Gilpin Mortgage
(302) 656-5400
1400 N Dupont St
Wilmington, DE
Allied Home Mortgage
(302) 994-1040
1819 Newport Gap Pike
Wilmington, DE
Hub Enterprises
(302) 230-2725
501 Silverside Rd
Wilmington, DE

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

Abundant Solutions, LLC

(877)383-1034
PO Box 807
Wilmington, DE
http://www.abundantsolutions.net
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