Reverse Mortgage Shelter Island, NY
Reverse Mortgage in Shelter Island, NY 11964
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 Shelter Island, 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 Shelter Island, 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 Shelter Island, NY to learn more about low-interest rate HECM loan programs at 855-553-4732.
Some information about Shelter Island, NY
Shelter Island is a town and island at the eastern end of Long Island in the U.S. state of New York. It is part of Suffolk County, although it is separated from the rest of the county by water. The population was 2,392 at the 2010 census.
The island was long inhabited by indigenous peoples, related to those who lived north of Long Island Sound. At the time of European encounter, it was occupied by the Manhanset tribe, an Algonquian-speaking people related to the Pequot and other Algonquians of New England. The original name of the island, used by the Manhanset Indians, is Manhansack-aha-quash-awamock, which literally translates to “Island sheltered by islands.”
Shelter Island was included in the original Plymouth Company land grant made by James I of England in 1620. On April 22, 1636, Charles I of England, told that the colony had not made any settlements yet on Long Island, gave the island to William Alexander, 1st Earl of Stirling. The grant gave Alexander all of Long Island and adjacent islands. Alexander gave James Farret power to act as his agent and attorney in colonizing Long Island. In reward Farret was allowed to choose 12,000 acres (49 km2) for his personal use. Farret chose Shelter Island and Robin’s Island for his use. Farret in turn sold the islands to Stephen Goodyear, one of the founders of the New Haven Colony.
In 1651 Goodyear sold the island to a group of Barbados sugar merchants for 1,600 pounds of sugar. Nathaniel Sylvester (1610-1680), one of the merchants, was the island’s first white settler. He was among a number of English merchants who had lived and worked in Rotterdam (where he was born) before going to Barbados. His connections there and with the Netherlands helped him establish a far-flung trading enterprise. On March 23, 1652, he made the purchase official by agreement with Youghco (called Poggatticut), the sachem of the Manhanset tribe. The other owners, Sylvester’s brother Constant, and Thomas Middleton, never came to Long Island. In 1673 Nathaniel Sylvester claimed ownership of Shelter Island, Fishers Island, and other parts of Long Island. By that time the Manhansett had declined in number and power.