Naples Reverse Mortgage
Core Mortgage Financial offers a Naples reverse mortgage to those who qualify, allowing just about anyone to live in this beautiful area of Florida for a shockingly low amount of money. Designed for seniors over the age of 62, the details of a Naples reverse mortgage are as follows: no monthly payment is required and the payment obligation is deferred until the home owner is no longer living.
While the borrower is required to pay their own taxes and insurance on the Naples reverse mortgage, credit, income and refinance transactions are no longer a factor in qualifying for a reverse mortgage. And if you can’t afford the low amount to cover the basics of the Naples Reverse mortgage, you can always get a Naples reverse equity loan, allowing you to pay off the minimal costs over a longer period of time, with interest of course.
There are a couple types of Naples reverse mortgage out there. The standard refinance program allows the borrower to take a lump sum of money or use a line of credit loan. This all depends on how much money you want to spend immediately, or over a longer period of time. There is also the purchase money transaction where the buyer uses a reverse mortgage to purchase a home. The required amount of down payment varies based on the zip code of the property and the age of the homeowner. On average, the down payment is around 35 percent of the total value. While the underwriter will take ONLY appraisal and assets to close of the homeowner into consideration when approving the loan, this will not be the primary deciding factor. Income is NEVER considered.
However, a few more things are required for a Naples reverse mortgage and that is a certificate of counseling. Counseling must have been completed before the loan application can be submitted to the lender. This gives a detailed explanation of the HECM process, explaining the positive and negative aspects of a reverse mortgage to a borrower. All Naples reverse mortgage properties must also be a single family home or a 1 to 4 unit property.
Knowing all of these details can help make the process of getting a Naples reverse mortgage as smooth as possible and also possibly save you a lot of money. These reverse mortgages can be quite costly. There are a number of fees associated with this transaction that are charged directly to the borrower, like the 2 percent FHA mortgage insurance premium fee. For a half million dollar property, that’s an extra ten grand out of pocket. This can be finanaced into the loan amount to decrease cash out of pocket on purchase mortgages.
The more you know about this process however, the more equipped you will be to make a Naples reverse mortgage work out to your advantage. Contact us at Core Mortgage financial today 239-431-5889!
This blog is for informational purposes only. Please contact our office for more information and a quote. NMLS #849597