![]() ![]() These costs include title fees, appraisal fee, credit report, counseling, wire fee, and so on. Closing costs vary, but this estimate should give you a reasonable idea of what to expect. Closing costs and origination fees are estimates based on what we’ve seen in the marketplace.This is different from Funds Available because only 60% of the total is available immediately, and because costs have been deducted. Estimated Funds at Closing calculates how much you are eligible to receive at closing.Estimated Funds Available calculates how much you are eligible to receive, before fees, based on your home’s value, your age, and HUD’s principal limit factor (PLF).For example, $125,000-149,999 will calculate an estimate based on a home value of $125,000. Since most homeowners do not know the exact value of their homes, we’ve broken the home value option into $25,000 units.In most cases this is a spouse, but not always. For spouse’s age, you should input the age of the youngest owner of your home. Most of the fields are self-explanatory.When this happens, some or all the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.Click here to request a free, personalized info kit now. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). GoodLife Home Loans charges interest on the balance, which grows over time. GoodLife Home Loans may charge an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid. ![]() However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. ![]() Although these costs may be substantial, GoodLife Home Loans does not establish an escrow account for these payments. Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. To process your request for a reverse mortgage, GoodLife Home Loans may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer. GoodLife Home Loans works with other lenders and financial institutions that offer reverse mortgages. Speak with your loan officer to determine if these fees apply.Ī reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). They must also maintain the home’s safe, working condition to the minimum standards established by the Federal Housing Administration (FHA). Borrowers must also keep up with property taxes, applicable Homeowner’s Association (HOA) fees, and any other financial obligation that could result in a lien on the property. Ongoing costs associated with a reverse mortgage include the lender’s servicing fee and mortgage insurance. Borrowers may also be charged for expenses incurred by a third party at the time of close such as, a credit report fee, flood certification fee, escrow closing fee, document preparation fees, recording fees, courier fees, title insurance, pest inspection, and property survey. There are several types of costs that may be deducted from your available loan proceeds, such as the appraisal fee, origination fee, and the initial mortgage insurance premium. We pass the savings directly onto you, so you’ll spend less on third-party expenses and access more of your home equity in the form of cash proceeds. At GoodLife, we’re able to cut out the middlemen and originate the loan entirely in-house. ![]()
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