Reverse Mortgage Oakdale, NY
Reverse Mortgage in Oakdale, NY 11769
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 Oakdale, 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 Oakdale, 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 Oakdale, NY brokers, and knowledgeable internal reverse mortgage processors. Call us at 855-553-4732.
Some information about Oakdale, NY
Oakdale is a hamlet in Suffolk County, New York, United States. The population was 7,974 at the 2010 census. Oakdale is in the Town of Islip. It has been home to Gilded Age mansions, the South Side Sportsmen’s Club, and the main campus of Dowling College. It is now home to Connetquot River State Park Preserve.
Oakdale was founded around two Native American trade routes, where Sunrise Highway and Montauk Highway currently lie. Oakdale was part of the royal land grant given to William Nicoll, who founded Islip Town in 1697. Local historian Charles P. Dickerson wrote in 1975 that Oakdale’s name appeared to come from a Nicoll descendant in the mid-19th century. The community includes: St. John’s Episcopal Church, built in 1765, is the third oldest church on Long Island.
The community originated with a tavern owned by Eliphalet (Liff) Snedecor in what is now Connetquot River State Park Preserve. Soon after its founding in 1820, Snedecor’s Tavern began drawing New York bluebloods and business barons who wined and dined in remote joy when they weren’t fishing and hunting nearby. “Liff’s food is as good as his creek”, a magazine writer declared in 1839 referring to the food and Connetquot River. The writer added: “and the two are only second to his mint juleps and champagne punch; whoever gainsays either fact deserves hanging without benefit of clergy.”
In 1866, as the railroad reached the area, Liff’s wealthy patrons formed the South Side Sportsmen’s Club, and soon the race was on to see who could create the most superb spread in the thick forests adjoining Great South Bay. The most prominent were built by William K. Vanderbilt, grandson of railroad magnate Cornelius Vanderbilt; Frederick G. Bourne, president of the Singer Sewing Machine Co., and Christopher Robert II, an eccentric heir to a sugar fortune. Meanwhile, William Bayard Cutting, a lawyer, financier and railroad man, built his estate next door in Great River, New York which had once been west Oakdale.