Reverse Mortgage Islip, NY
Reverse Mortgage in Islip, NY 11702
Find The Most Suitable HECM Loan
It can be stressful sorting through the multitude of lenders offering their services when someone is thinking about making a major life move, like buying a home or refinancing. The success of your encounter depends on the selection of your guiding partner. Jet Direct Mortgage, a leading reverse mortgage lender in Suffolk and Islip, NY, offers every reverse mortgage program on the market, from the HECM with FHA insurance to the numerous reverse mortgages offered today.
The benefits of HECMs can be observed in various situations, and you can build a safe future with the help of our low-interest rate mortgage plans.
Benefits of HECM Loan
The security that a HECM reverse mortgage by the best refinance company provides borrowers over other reverse mortgages is its first advantage. Only FHA-approved lenders such as Jet Direct Mortgage can offer the HECM, the only reverse mortgage loan insured by the federal government.
Adjustable-rate mortgages offer a variety of options:
- Single disbursement.
- Line of credit
No Loss Of Home
The closing costs can be dispersed over a longer period, and you can rely on the HECM payments to cover continuing costs as well as unexpected ones. You might be able to finance aging-in-place modifications to your house with the aid of a HECM.
- No Monthly Payments
In contrast to conventional mortgages, which demand monthly loan repayment, HECM reverse mortgage loans do not. Depending on the disbursement option you select, you will instead receive monthly payments from the lender. When you vacate the property or sell it, then is the only time the loan is due.
- No Taxes
The fact that HECM loans for seniors are tax-free is another alluring feature. Reverse mortgage loans are viewed by the Internal Revenue Service as a loan advance rather than as a source of retirement income. Because of this, you are exempt from paying taxes on your HECM.
- Best Use of Assets
A HECM purchase loan enables you to swiftly turn your home equity into cash if you are experiencing financial difficulties and your savings are insufficient to cover your regular costs. Cash on hand can make a big difference in how secure your retirement is. Additionally, you have a variety of distribution alternatives, increasing your financial flexibility to meet your various demands. You can also refinance home loan with this plan. You just have to call us at 855-553-4732.
Uses of HECM Loan
Your HECM can be used for:
- By paying off your current mortgage, you can reduce monthly payments for other mortgages.
- Utilize the equity in your property by opening a line of credit.
- Spend less on homeowner’s insurance and property taxes.
- Pay for any home improvements or repairs.
- Pay for house improvements that will allow you to age in place.
- Spend money on home care.
- After death or divorce, shield your spouse from a loss of income.
- Reduce the likelihood that you may outlive your assets.
- Pay off additional debt.
- Give your heirs an inheritance in advance.
Give us a call at 855-553-4732 to learn whether a HECM loan will work for you in Islip, NY.
Eligibility Criteria For HECM Loan
For eligibility, you must:
- be 62 years or older.
- Occupy the mentioned house.
- Not having missed any federal debt payments.
- Very little or no debt is owed on the house.
- Attend an informational meeting with a HECM counselor who has been approved.
If you satisfy these conditions and your application is accepted, your HECM loan will settle any outstanding mortgage on your house. You may utilize the remaining funds from the loan however you see fit.
Jet Direct Mortgage in Suffolk, NY can assist you if you’re curious to learn more about HECM loans and determine whether they would be a good fit for your circumstances. We can help you with your loan at every stage because of our experience, skilled team of Islip, NY brokers, and knowledgeable internal reverse mortgage processors. Call us at 855-553-4732.
Some information about Islip, NY
Islip is one of ten towns in Suffolk County, New York. Located on the south shore of Long Island, the town population was 335,543 at the 2010 census, it is the fourth most populous City or Town in the state.
Matthias Nicoll relocated to New York from Islip, Northamptonshire, England, in 1664.His son, William Nicoll, became a royal patentee of the east end of what is now the Town of Islip, and his domain reached from East Islip to Bayport and included Sayville, West Sayville, Oakdale, Great River, Islip Terrace, Central Islip, Hauppauge, Holbrook, Bohemia, Brentwood, Holtsville and a portion of Ronkonkoma. All of this land was bought from Winne-quaheagh, Sachem (chief) of Connetquot in 1683. The yearly fee paid to Governor Thomas Dongan of New York was five bushels of quality winter wheat or 25 shillings. Other early land patentees were Andrew Gibb (Islip Hamlet), John Mowbray (Bay Shore, originally Awixa), Stephan Van Cortlandt (Sagtikos Manor), and Thomas Willets (West Islip).
By 1710, the colonial government passed an act to enable the precinct of Islip in the County of Suffolk to elect two assessors, a collector, a constable and a supervisor. The people had a voice. Growth, however, remained at a standstill until the Revolutionary War ended when, in the 17 years that followed, there was more progress than in the 50 years preceding. This activity was partly due to the impact of American shipping.
By 1825, it was necessary to install a Fire Island light across the Great South Bay and regular ferry service between Bay Shore and Fire Island began in 1862. In 1867[?] the Long Island Rail Road came to Islip and the first depot was built. People were discovering Islip and the tourist trade soon took hold.