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One private company has also designed and offers its own proprietary reverse mortgage product. Financial Freedom Senior Funding Corporation, based in Irvine, CA, offers directly and through correspondent lenders a product called the Financial Freedom Plan. A jumbo reverse mortgage, it is available in larger sizes than possible under the Fannie Mae or HUD programs. The Financial Freedom Plan is only available in a limited number of states. As of mid-1999, The Financial Freedom Plan was available in six states (Arizona, California, Colorado, Nevada, Oregon, Utah, and Washington), but is expected to be extended to other states.

An alternative to paying points is to receive a credit from the lender in exchange for a higher interest rate. Whereas points are added to your closing costs, a credit is used to reduce your closing costs. Once again, you can receive a credit of approximately one point by raising your interest rate .25%.

Should I consider a Flex-Pay (Interest-Only) loan option? Flex-Pay (interest-only) loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Flex-Pay the principal balance NEVER increases.

Should I choose a fixed rate or adjustable rate loan? Fixed rate loans have a stated interest rate that does not change over the life of the loan, whereas the rates on adjustable rate loans are linked to an index and change as the index rate changes. Many mortgages, such as a 5-Year Fixed (30 Year), start as a fixed rate loan and then convert to an adjustable rate. Adjustable rate loans have more risk due to the possibility that the interest rate could increase. However, because you are assuming some of the risk the lender will generally reward you with a lower interest rate. These loans are best for borrowers who do not plan on keeping the loan for the full term. Learn more about fixed and adjustable rate mortgages

A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home -- or age in place -- and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps.

Appraiser The appraiser will be hired by the mortgage broker or lender to determine the market value of your prospective home based on its condition and the selling prices of comparable homes recently sold in the area. This estimate helps the lender decide a reasonable loan amount for the mortgage.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits Types: Balloon Mortgage: Offers very low rates for an initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is due or refinanced (though not automatically) Two-Step Mortgage: Interest rate adjusts only once and remains the same for the life of the loan ARMS linked to a specific index or margin Advantages: Generally offer lower initial interest rates Monthly payments can be lower May allow borrower to qualify for a larger loan amount

15, 30 Year Jumbo Programs A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($240,000 as of 1/1/99). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors).

Conclusion As you can see, the down payment affects every choice you make when you buy a home. Although you should look at ads, familiarize yourself with neighborhoods, learn about prices, and read as much as you can - when you get ready to take action – the first thing you should do is figure out how much money you have available for the purchase.

The right kind of loan at a competitive rate is obviously important. So are prompt and thorough underwriting procedures that result in rapid progress through the approval process.

There are many other loan options available that allow you to lower your down payment and closing costs. Your mortgage lender can help you find out if you qualify for these loan options.

What is involved in the closing? This is the day you’ve been waiting for, the final step before you own your new home or complete the refinancing of your current home. At the closing you, the seller, the lender and the attorneys for all involved validate, review and sign all documents relating to the purchase or refinance. The lender provides the check for the loan amount. You receive the title to your property and the keys to your new home.