Find Your Home
Do you know how the mortgage loan process works? I want you to be educated on the process so you fully understand step by step how we are going to get you in the home of your dreams. I have a unique tool built specifically to help you understand the mortgage loan process from start to finish!
What is a Reverse Mortgage?
How Can I Benefit From Applying For A Reverse Mortgage?
This entire process means people will have no monthly payments if the last homeowner permanently lives in the house. This is a big advantage for most people because it gives them an upfront boost of cash in order to actually buy the home upfront. The option to go through this type of process is permitted through a fixed rate or an adjustable rate format.
TIPS FOR TAKING OUT A Reverse Mortgage:
One option is to refinance with a reverse mortgage to pay off an existing one and get rid of monthly payments. This process means a person can boost their monthly cash flow and generally improve their quality of life since they are not having to make monthly payments. Usually, the reverse mortgage amount is based off the equity amount and the age of the youngest borrower.
Another option is to just refinance and get a lump sum of money. This makes it possible to either pay off an existing mortgage, or to just have a big amount of cash for other expenses. A person can only pay off an existing mortgage with this strategy if there is enough equity.
A third strategy is to refinance and then get a line of credit that grows. This can be beneficial because the credit line grows each year based off a certain growth factor. This can be beneficial for those who do not want a large amount of money, but want the flexibility to spend on credit on their own time. This strategy can be structured with the ability to pay off an existing mortgage, or to give a person a small amount of a lump sum for their own usage.
A final strategy is to refinance and get a monthly payment. This allows people to have a stream of income they can use to pay off other expenses or even make payments towards a mortgage. This is a good option for people who do not want to mess with a lump sum or a credit line, and just want to have a certain amount of money per month to use. The Zack Seidman Team is here to help you choose the best refinance loan option. Each client’s situation is different, so be sure to contact us so we can do an analysis for you!
Once you get your new loan after purchasing or refinancing your home, you may think that everything is up to you to figure. Typically it is, but with the Zack Seidman team, you will be supported and educated on how to manage your mortgage. “The Homeowner Playbook” is a home ownership program available to our clients that will guide you after you already have your home. We offer this as part of our “Next-Level” service so you have consistent expert guidance, always have a perfect mortgage experience and proactively maintain your home, which increases your home value over time! Contact the Zack Seidman team today to learn more about mastering “The Homeowner Playbook”.
Homeowners are responsible to pay property taxes, homeowners insurance and when applicable, flood insurance and HOA dues. This information was not produced by HUD or FHA and the information was not reviewed or approved by the Department or Government Agency.
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