Colorado Reverse Mortgages Lender Closing Costs or points.
Taylor Mortgage Group offers retirees Colorado Reverse Mortgages with NO points and NO lender closing costs. Homeowners ages 62+ may be pleasantly surprised with the thousands of dollars in savings and an easily obtained Reverse Mortgage product.
Lender closing costs the money spent by lenders while approving loans are completely waived. The homeowner using this Reverse Mortgage program only pays for non-lender closing costs. For example, the homeowner would pay for the appraisal and other fees, dependent upon the terms and conditions. However, to eliminate the need for cash up front, these non-lender fees can be financed as part of the Reverse Mortgage Loan.
A traditional mortgage or home equity loan requires monthly payments. This Reverse Mortgage Loan program stops all mortgage payments as long as the owners retain the home as a permanent residence. In addition, for homeowners that are still making mortgage payments, the program can mean saving hundreds or thousands of dollars each month. The homeowner is simply required to insurance, pay taxes and to properly maintain the home and property. You may also opt to receive one lump sum payment upfront.
Reverse Mortgage clients utilizing this specially designed program enjoy freedom to use the money they receive after signing the contract. Some homeowners put the money into savings or investments. Others pay bills. Some divided between home renovations and other big expenses.
Things change when a homeowner decides to move permanently from the home. In the case where the homeowner decides to sell the home or both the owner and spouse pass on, the payment structure changes. Nonetheless, this is a non-recourse loan. Essentially if home values decline, a surviving spouse and Ayers will not be required to pay off more than the fair market value of the home.
Another requirement to obtain a Reverse Mortgage has to do with a federal government guideline. All reverse mortgages are insured by the federal government. The government requires reverse mortgage applicants to speak with a counselor from the Department of Housing and Urban Development (HUD) prior to approval. Once the applicant receives HUD Certification, then the Reverse Mortgage approval process can be finalized.
For information about creative solutions for home loans and reverse mortgages or rural loans used to develop housing, businesses, industries, and cooperatives, please call Taylor Mortgage Group LLC at (303) 339-5950 or Janie Taylor at (303) 884-9393.