Reverse Mortgage Medford, NY
Reverse Mortgage in Medford, NY 11763
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 Medford, 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 Medford, 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 Medford, NY brokers, and knowledgeable internal reverse mortgage processors. Call us at 855-553-4732.
Some information about Medford, NY
Medford is a hamlet and census-designated place (CDP) in the Town of Brookhaven in Suffolk County, on Long Island, in New York, United States. The population was 24,142 at the 2010 census.
The Long Island Rail Road established the Medford station in 1843 in a flat wilderness in the Long Island Central Pine Barrens. The station connected to the Patchogue Stage Road between Patchogue and Port Jefferson, and a post office was established.
In 1907 the LIRR established the Medford Prosperity Farm (officially called Experimental Station #2) on 80 acres (320,000 m2) to show that crops could be raised in the Pine Barrens. Theodore Roosevelt visited the station in August 1910. As the car drove across a trail between Medford and Wading River, it got stuck in the mud and Roosevelt was said to take a “flying leap” to get out.
By the mid-to-late-20th century, developers were building new neighborhoods within Medford. Eagle Estates was built along Horse Block Road east of NY 112 in 1963, although it was planned as far back as the 1930s. The development included a Blue Jay Market shopping center on Horseblock Road west of Eagle Avenue, and a youth baseball and athletic field east of Sipp Avenue between Wave and Race avenues. The Long Island Expressway was built through Medford in 1970, with interchanges at New York State Route 112 and Horseblock Road, the latter of which is close to an older interchange with Horseblock Road and Long Island Avenue, and was not completed until 1999. The Pines was established in the 1970s east of Buffalo Avenue, south of Jamaica Avenue, north of Woodside Avenue and far west of Patchogue-Yaphank Road.