Many senior homeowners living in the top Washington DC real estate areas of Bethesda, Cathedral Heights, Chevy chase, Foxhall Crescent, Georgetown,Kalorama, Logan Circle, Mclean, the Palisades, and Tenley Town have enjoyed a tremendous amount of real estate appreciation over the last two years and many of these homes, even small out dated homes near the White House are tipping almost a million dollars in value and many of these homes are paid off or close to being paid off.
According to Reverse Mortgage Lenders Direct, a top reverse mortgage Comparison service and web-site for over 5 years, the steps to getting the most reasonable reverse mortgage margin interest rate and closing fee’s is to shop, shop, shop. RMLD provides a free comparison shop of DC’s most competitive HECM offers for free to seniors over the age of 62 at no additional cost.
But the most important priority is to choose the right reverse mortgage and to do that, you need to understand what a reverse mortgage is first which is easy.
A reverse mortgage is simply and FHA interest only loan with a special option feature that allows the qualified borrowers to deffer the interest payments to the balance of the loan for as long they live
If your Washington DC home is paid off, you have the choice to set up a large credit line with a minimum $25,000 draw where the rest that you are eligible for actually earns interest. The Credit Line program also offers Jumbo home owners in the DC area the lowest closing fee’s.
You can also review your choice of different payment programs that come with various payment terms and pay-out amounts
You may also combine the programs to take some up front cash if you qualify as well as monthly payment
Finally the last option is the full lump sum pay out which provides with a maximum one time lump sum of cash up to 60% of the value of your property depending upon age
Reverse mortgage Lenders Direct is committed to providing you every available opportunity to shop and compare fairly for a reverse mortgage quote
Reverse Mortgage Lenders Direct can refer you to a reputable local Washington DC reverse lender that will prioritize what is best for you and your family first before making any recommendations and keep the interest rate margin and closing costs as reasonable as possible
If you live in the Washington DC area and are interested in a best quote for a reverse mortgage or would simply like to have some simple questions answered for a Washington DC reverse mortgage, simply leave your contact information below and competent help will be on the way
With home prices up, the reverse mortgage program is gaining in popularity in the D.C. area.According to the latest data from Trulia and Real Estate Business Intelligence, a subsidiary of MRIS, the average sale and listing of a home in Washington DC area has reached between $480,000 to $665,000.
As a result of the sharp rise in Washington D.C.Home prices, D.C. senior home owners in the D.C. are that did not have enough equity in their homes to get a reverse mortgage before, are now eligible for the reverse mortgage program and that means an increase in reverse mortgage applications.
Reverse Mortgage Lenders Direct: reversemortgagelendersdirect.com is an online reverse mortgage shopping tool available for Washington D.C. senior homeowners to help assist the Seniors in the D.C. area to shop for a reverse mortgage correctly and help keep the lofty lending fee’s down.
Reverse Mortgage Lenders Direct has a Network of national and Local reverse mortgage lenders that will be more than happy to provide you a reasonable quote for any reverse mortgage program you wish.
For free answers to your reverse mortgage questions or for a free quote from one of our reputable National or local Reverse Mortgage Lenders in the D.C. area, simply fill out the information above and real assistance will be moments away.
What is a reverse mortgage?
HECM stands for home equity conversion mortgage. Reverse mortgages allow for seniors to release a portion of the home’s equity to eliminate any existing mortgage payments. HECM’s are unique in that there are no monthly mortgage payments required – no other program has this unique feature.
More than 600,000 seniors have taken out a reverse mortgage loan to improve their retirement, your not alone.
Seniors in DC qualify for a reverse mortgage if…
I qualify for the HECM reverse mortgage how does this program improve my retirement?
“There is no other program which allows seniors to access their home’s equity without having payment in retirement.”
How Does the Reverse Mortgage Work in Washington DC?
You have worked hard your entire life to build up your home’s equity, insn’t it time that your home paid you back? Well, FHA (Federal Housing Administration) insures the HECM reverse mortgage which allows you to use your home as a tool to fund your retirement.
Many seniors are still having to pay each month a mortgage payment this is seriously impacting the quality of those seniors retirement. What if you could use all the built up equity in your home to generate a new income source, this would greatly improve the quality of your retirement.
This is what the reverse mortgage program was designed for. Seniors are taking advantage of the low interest rate enviroment and the ability to qualify for a reverse mortgage loan without having income or credit scores to meet. There are no payments to be made (you are only responsible for the property taxes, insurance, and home maintanance expenses). It will cost you $0 to find our your options give us a call today.