Reverse Mortgage Riverhead, NY
Reverse Mortgage in Riverhead, NY 11901
A lot of senior citizens in Suffolk County desire to use the equity they’ve built in their houses. If you fall into this category, you may find a home equity conversion mortgage (HECM) to be a practical choice. A home equity conversion mortgage is a sort of reverse mortgage loan that is supported by the federal government and provides various advantages for people in the appropriate circumstances.
Contact Jet Direct Mortgage at 855-553-4732, the best refinance company in Suffolk County if you’re considering taking out a mortgage in Suffolk County. Our staff of professional and certified loan officers, who work for a major refinancing home loan and leading reverse mortgage lender, is dedicated to assisting homeowners in the neighborhood to find the lowest mortgage refinance rates. We have a variety of mortgage programs, and we’ll help you decide which one best meets your needs. Contact Jet Direct Mortgage, a leader in the field, if you’re interested to refinance home loan for the low mortgage refinance rates.
Reasons You Should Get A HECM Loan
There’s no doubt that if you live in Riverhead, NY and own a home, you’ve heard about the low mortgage HECM rates. You might even be wondering if you should refinance your house loan since you know someone who has done so. How can you tell if refinancing your mortgage is a wise move for you? Here are a few reasons why you ought to think about a HECM loan.
No Minimum Credit Score
There is no minimum credit score needed to qualify for a HECM. The criteria used to determine your financial eligibility are instead: income, assets, living expenditures, and overall credit history. This indicates that you can be eligible for a HECM loan in Riverhead, NY even if you are not eligible for other home equity access options. You can check your credit score at apps like Credit Karma.
With a HECM Reverse Mortgage, unlike a home equity loan, your house cannot be taken away because you are not making your mortgage payments. The loan is not due for repayment until you vacate the property permanently, and there are no monthly mortgage payments. You must, however, take care of the house and pay the HOA fees, property taxes, and homeowner’s insurance.
Flexible Payment Options
The amount of money from a HECM Reverse Mortgage can be disbursed to you as a lump sum, regular payments, a credit line, or a combination of these, depending on the loan type you select.
No Stress Of Losing Home
Since a HECM is not a mortgage, you won’t need to be concerned about the bank taking your home back. You can decide whether to repay a HECM, which is a basic interest credit line. The credit line will also never reset or mature. The unused portion will rise every year.
The FHA covers every HECM. The FHA safeguards you so that a loan company cannot seize your property if your mortgage is higher than the worth of your home.
Who Makes A Good HECM Borrower?
The HECM is intended for homeowners 62 and older who own their houses but lack the funds to support the lifestyle they desire. They can use it to access some of their home equity without having to sell it or stop paying their mortgage. Due to credit issues or insufficient income, homeowners unable to qualify for less expensive financing such as home equity loans may benefit from HECM reverse mortgages.
Seniors can use a HECM loan to use the equity in their home to pay down their current mortgage. A HECM, which is government-insured, can be utilized to augment your retirement income, but the mortgage can be challenging to understand and isn’t always the best choice.
Suppose you’re thinking about a HECM or other kind of reverse mortgage. Contact Jet Direct Mortgage in Riverhead, NY to learn more about low-interest rate HECM loan programs at 855-553-4732.
Some information about Riverhead, NY
Riverhead is a town within Suffolk County, New York, on the north shore of Long Island. Since 1727, Riverhead has been the county seat of Suffolk County, though most county offices are in Hauppauge. As of the 2010 census, the population was 33,506. The town rests on the mouth of the Peconic River, from which it derives its name. The smaller hamlet of Riverhead lies within it, and is the town’s principal economic center. The town is 166 miles (267 km) southwest of Boston via the Orient Point-New London Ferry, and is 76 miles (123 km) northeast of New York City.
European colonists purchased the “Southold land” from the local Algonquian-speaking Native Americans and Shinnecock Indian Nation in 1649. An additional portion was purchased from Col. William Smith and divided among settlers in 1742.
The town of Riverhead was created in 1792 as part of new jurisdictions after the American Revolution. The New York State Legislature divided it from the town of Southold, New York, which lies to the north and east. Riverhead was separated at the behest of its inhabitants, who “represented to the Legislature that their town is so long that it is very inconvenient for them [people of western regions of Southold] to attend at [sic] town meetings, and also to transact the other necessary business of the said town, and have prayed that the same may be divided into two towns”. The poor western sections of Southold, with no harbor and little commerce, were thus divided. On March 13, 1792, the Legislature passed a bill splitting off this section under the name River Head. The new enclave’s first town meeting was scheduled to be held April 3, 1792.
River Head was named the county seat of Suffolk County (called a “county town” at the time), and its name was later combined as Riverhead.