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Trusted Finance Solutions is a leading name among the top Melbourne mortgage brokers.
The same age limits apply and usually the buyer must have at least 50% of the home value to put down on the home.
However, once the loan is in place, there would not be a mortgage payment that needs to be paid monthly; the loan would be paid when the home is sold or after the homeowner’s death.
This means that they will need either to own their home outright or have an existing mortgage balance that can be paid off with the proceeds of the reverse mortgage. The home must be the primary residence of the loan applicant.
In general, the total amount of the reverse mortgage loan will need to be less than 80% of the value of the home. Homeowners must continue to pay the taxes and insurance on their homes when they have a reverse mortgage. If a person moves to another residence or is in a medical facility for 12-months or more, the homeowner is no longer eligible for the reverse mortgage and the loan must be paid in full. Most reverse mortgages require that the property be a single-family home with a permanent foundation.
Financial Assessments Although not as strict as a traditional mortgage income and credit requirements for loans, in 2014 it is expected that the FHA will implement financial assessments for those applying for reverse mortgage.
This will determine whether they have the financial ability to continue paying taxes and insurance premiums on the home by assessing their cash flow, financial obligations, and in some cases, looking at their credit history.
Mortgage brokers are important mediators between the networks of lenders and the home buyers looking for mortgage insurance or home loans.
Melbourne mortgage brokers are known to help prospective home buyers get the best mortgage insurance and home loan interest rates.
The pro and cons of using a mortgage broker There are both pros and cons of Melbourne mortgage brokers.
While the banks deal with you directly, the mortgage broker Melbourne is a middleman.