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What is a reverse mortgage?
A reverse mortgage is a mortgage loan that's secured over a residential property. It enables the borrower to access the cash equity in their property. Normally this appeals to a more senior demographic and doesn't typically require monthly payments.
Interesting in learning more about reverse mortgages? Here is a short quiz from our preferred reverse mortgage resource, TheReverseSurvey. It only takes about 2 minutes to find out if a reverse mortgage loan is the right option for you.
Conventional mortgage loans are private loans that aren’t secured by a government agency and meet guidelines established by Fannie Mae and Freddie Mac. To get approval for a conventional mortgage loan, you must meet FICO score, debt-to-income ratio and loan amount requirements. A down payment of 20 percent is also typically suggested or required. Check out our Top Choice for Conventional Mortgage Loans
Cash Out Mortgage:
A cash-out refinance is a mortgage loan that satisfies your current mortgage balance and allows you to use the equity in your home for personal use. This type of loan might make sense for you if you can get a better interest rate than that of your current mortgage, you plan to shorten the term of your loan instead of refinancing for 30 years, and you plan to keep your mortgage for at least several more years. For more info Check out 2020's Top Cash-Out Refinance Lenders Here Today!
A VA-guaranteed loan is available to all qualified veterans, some service members, reservists, National Guard members and certain surviving spouses of veterans who are deceased. Typically, no down payment and no mortgage insurance is required, although a one-time VA funding fee might apply. Instead of relying on a minimum credit score, lenders are required to review the applicant’s entire loan profile.
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