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What is a Reverse Mortgage?

This is a special type of mortgage specifically for homeowners 62 and older designed to aid retirees with limited income to turn their home’s equity into cash to spend however they see fit (typically to help cover living expenses). Unlike traditional mortgages, reverse mortgages do not require the borrower to make monthly payments. Instead, the loan is repaidContinue reading “What is a Reverse Mortgage?”

What’s the Difference Between Prequalified and Preapproved?

When you get prequalified, you get an estimate of an amount you may be able to borrow based on the information you provide regarding your finances. Prequalification also allows you to discuss your goals and needs with your lender to find the right mortgage option. Once you’ve been prequalified, you will usually get a letterContinue reading “What’s the Difference Between Prequalified and Preapproved?”

What is Seller or Owner Financing?

Seller financing is when the Seller of a property agrees to act as the bank and directly finances a purchase for the Buyer, most common in land purchases. Usually, the down payment is at least 20% The interest rate and the amount of payment are all negotiable The remainder can be spread over 5, 10,Continue reading “What is Seller or Owner Financing?”