Reverse Mortgage Loan Product
What is a Reverse Mortgage?
A reverse mortgage is a home loan product that lets you tap into a portion of your existing home equity for cash. The equity that you have built up all these years can now be paid out to you. However, instead of having to repay this money in the form of mortgage payments, no monthly payment is due. In fact no payment is required until you no longer use this home as your primary residence.
In what instances are Reverse Mortgages used?
- Supplemental Income is needed.
- Prescription Drug costs are strapping your monthly budget.
- Avoid Foreclosure.
- Home Remodeling
- Purchase Life Insurance
Is my home eligible?
The home must be a single family home or a 1-4 unit building with 1 unit occupied by the borrower. HUD approved Condos are also available.
How much money can I get from my home?
There are a few differnet variables that go into this caluclation. Basically the more your home is worth, the older you are, the lower the interest rate, the more money you can access. You can use this Calculator to estimate your particualar situation. Just keep in mind this is a calculator from a 3rd party website and we are not responsible for the accuaracy of this information nor do we endorse this site.
What are my payment receipt options?
You have five options:
- Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term - equal monthly payments for a fixed period of months selected.
- Line of Credit - unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure - combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
Kay Brooks is our Reverse Mortgage Specialist. Be sure to contact her for any questions you have as well as get details on your particular situation! Office: 660-438-9720
9-9-2010
Today's Rates
| Conventional 30 Year Fixed |
4.500% | |
| 4.594% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.423% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 20 Year Fixed |
4.375% | |
| 4.504% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.489% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 15 Year Fixed |
4.000% | |
| 4.163% APR | ||
| 3.750% | ||
| 1 Point Paid | 3.913% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| FHA 30 Year Fixed |
4.500% | |
| 4.733% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.558% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| VA 30 Year Fixed |
4.500% | |
| 4.733% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.591% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| USDA 30 Year Fixed |
4.625% | |
| 4.885% APR | ||
| 4.375% | ||
| 1 Point Paid | 4.711% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
"Tina (Howard), I just wanted to say thanks again for all of your hard work in helping me buy my first home. I truly believe I couldn't have done it without you by my side. We are very pleased with our home and have already started some big projects. Corey and I crack jokes all the time about "Welcome to homeownership". Thanks again! It was a pleasure and I feel like I picked up a new friend."
Corey and Trisha Wright
"Eric Hemmer provided a stress free experience in buying our new home. Eric worked around the clock to make sure we were in the best financial position possible. I can't say enough good things about Eric and Flat Branch Mortgage and I will be sure to refer everyone I know to him."
David & Katie Garrison
My husband and I just closed on our first home on March 19th. Tina Howard assisted us with our loan and I can not say enough of how wonderful she was throughout the whole process! Everyone has told me that buying your first home is a whirlwind and often times a chaotic experience. Tina was our calming voice within the storm. Being a first time homebuyer, the entire process was new to us. Tina was very patient with us and explained everything clearly so that we understood each step of the process and each form we had to sign. She was always willing to run numbers for us when we were still looking for a home to make sure that we were within our budget. As if this service was not enough, Tina gave us her cell phone number and talked with us in the evenings from her home which is when both my husband and I were available. Any time that our journey hit a bump in the road, Tina always stayed calm and reassuring as she worked with us to find solutions. I am beyond impressed and I enjoy seeing the look of shock on other people’s faces when I tell them about my experience working with Tina. I was also impressed at how friendly and helpful the rest of the staff was in Tina’s absence. They were very willing to answer questions and help to share in our excitement. My husband and I are very thankful to the staff a Flat Branch Mortgage and will recommend your team to other homebuyers.
Lydia Cecora
"Flat Branch Mortgage is an oasis in the desert of business as usual mortgage companies. The professional service delivered in a timely and most friendly manner is the hallmark of this company. Jim Yankee and his associates care about their clients and work hard to provide the best possible service in the most important of family assets, our home".
Ben Kolb
"Shawn Von Talge provided me with exemplary service and truly brought professionalism and patience in equal parts to my home buying process. As a first-time buyer, I had many pre-conceived notions and concerns about the lending process…..especially with the current lending market being such a challenge. Shawn answered each question appropriately and remained accessible through every step of the process. Most importantly, Shawn delivered on every promise he made and no one (first timer or seasoned investor) could possibly ask for more!"
Dennis Lewis
"Shawn Von Talge was great when we got our home loan. We knew what was expected at closing and what had to be paid at closing. Our questions were always answered in a timely manner."
Greg & Jill Greening
For years, I had been dreaming about buying my first home, but I was afraid I would never be able to afford it. I live in a small rural town where it’s hard to make a lot of money. When I heard about the first-time home buyer tax credit, I decided that now was the time to try. After looking at a long list of homes, I fell in love with a house at the high end of my price range. My realtor recommended Flat Branch Mortgage and they helped me every step of the way. With their rural loan program, I was able to purchase the home with a small deposit of $500, $0 private mortgage insurance, and only $200 for closing costs! The monthly payment for mortgage, insurance and property tax turned out to be only $200 more per month than what we were paying to rent a small apartment. Flat Branch was so fast and thorough with the home buying process that we were even able to close a week early. Thank you, Flat Branch, for helping me to achieve my dream of purchasing a home in 2010. Very excellent, wonderful customer service. I couldn't be more pleased with Flat Brach Loans. Thank you so much, Shawn, Daisy, and Flat Branch. I was afraid that purchasing a home would be a daunting task but you really helped us through this process and made it as painless as possible, and in fact, enjoyable!
Alexis Bell
"I will recommend Shawn Von Talge to anyone! He returned my phone calls and emails in a matter of minutes. I was a first time home buyer that had no idea how all this worked and he broke it all down to make sense. Thanks again Shawn for all of your help!"
Jill Schlottach
Jessica did a great job. Very patient as we learned the process. Loved her comfortable, casual demeanor- and remained very professional. Will come back to Flat Branch Mortgage the next time around!
Anonymous
"I am very satisfied with Eric Hemmer. I felt like I got personal attention that many other companies would not provide. His service was very thorough and I believe he explored all options to get me the best possible rate for my refinance."
Jason Buck
