Tag Archives: reverse mortgages
Can I still buy a home with as little as 3.5% down?

describe the imageBefore 2008 there were programs that allowed buyers to finance 100% of their purchase. On the surface those programs sounded pretty good, except they carried high rates, adjustable terms, and pre-payment penalties.  But wait, there are still programs where you can get almost 100%, say 96.5%, a program backed up HUD, called FHA loans.  
  
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures your purchase loan. 

Low down payments, 3.5%
Low closing costs, seller can give up to 6% concession. 
Easy credit qualifying
What does FHA have for you?

Buying your first home?

FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?

FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Its called an FHA 203K loan.  Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

Financial help for seniors

FHA has a program commonly known as a home equity conversion mortgage, or reverse mortgage.  Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?

You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?

Yes, FHA has financing for some mobile homes and factory-built housing. To qualify the home must be fee simple; in other words, the mobile home or factory built housing must be on land that the property is situated.  

If you are 62 or older . . . you may have a check waiting for you!

delaware, reverse mortgageWith rising health care costs and other living expenses, making ends meet is getting more difficult, but where can seniors turn in this economy?

With no credit, income, or health requirements, more and more seniors are turning to the government-insured Reverse Mortgage Program. As you’ll discover, a reverse mortgage can take financial pressure off seniors and help them live a better quality of life, while eliminating their expenses.

In brief, a Reverse Mortgage is government-insured loan program designed specifically for homeowners age 62 and above. It requires no monthly payments, because the money you receive is from the equity you’ve built up in your home over the years. It’s regulated by HUD and insured by FHA. In a nutshell, you will receive monthly payments to deposit in your bank account. And best of all, you keep title and equity in your home until you sell it or pass it on to you heirs. So how can you lose?

You really can’t lose. The cash you receive will not affect your Social Security or Medicare and can be used for any purpose, including home repair which can even increase the price of your home. You may even receive the funds in a lump sum, line of credit or monthly payments.

Lets explore some of the advantages:

  • Qualifying is easy. If you’re at least 62 years of age, you’re eligible.
  • Freedom from monthly mortgage payments. Instead, you’ll deposit cash into your bank account!
  • You’re free to use the money any way you choose
  • Keep your home for life. Live comfortably and maintain ownership of your home
  • Peace of mind. You’ll never owe more than your home is worth
  • Your responsibilities are simple. Of course, you must reside in your home and continue to take care of your home like you already do as well as pay the homeowner tax and insurance.
Delaware Financial Capital is here to assist seniors to see if they qualify for a Reverse Mortgage. Our experienced reverse mortgage specialists are able to  review all the options and solutions.
To speak to our reverse mortgage specialists, please call us at 302-266-9500 or click on the button below to fill out the online form.
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