online home loans, Virginia VA
Missouri (MO)
Montana (MT)
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online home loans, Virginia VA |
Mississippi (MS) Missouri (MO) Montana (MT) |
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Alabama
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online home loans - Virginia VA: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. The loan is called a reverse mortgage because the direction of payments is reversed - the lender pays the borrower rather than the other way around. The borrower can receive the funds in their choice of a lump sum payment, line of credit, monthly payments for as long as they live in the home, or any combination of these choices. Some programs offer monthly payments for a specific period of time, while others can be combined with an annuity to offer monthly payments for life, no matter where you live. The borrower can remain in the home for the rest of their life should they choose to do so. No repayment is required until the borrower permanently vacates the home. 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 Reverse MortgagesPrincipal The original balance of money loaned, excluding interest; also, the remaining balance of a loan, excluding interest. |
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