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| Frequently Asked Questions |
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Here are the top questions our loan officers in North Carolina hear everyday. If your question can't be answered through the use
of this FAQ, then please do not hesitate to call us at 888.411.1728 (toll free):
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| 1. How does a reverse mortgage differ from a home equity loan? |
| For seniors older than 62 year of age who have equity in their North Carolina homes, a reverse mortgage provides tax-free income. During the term of the loan the North Carolina homeowner never gives up their title and is never forced to sell the home. The lender makes payments to the homeowner and not the other way around. Even if the lender pays out more money than the amount of equity left in the home, it is at the lenders expense and the homeowner always maintains their rights. |
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| 2. What are the advantages of a reverse mortgage? |
| You will be provided a tax-free income and never lose the title to the property. The loan is repaid only when you move out of the home. You will never owe more than the equity you have in the home. You can never live out the loan. |
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| 3. What will my monthly payments be? |
| This depends on several key factors like age, interest rates, type of loan, how well the home appraises, and how much you owe. |
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| 4. Are there restrictions on how I can you my new income? |
| There are no restrictions on how you spend your money. |
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| 5. Are there multiple ways that I can receive my payments? |
| Yes, you can get a lump sum, equal monthly payments, line of credit (not available in Texas), or a combination of these options. |
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| 6. How old do I need to be? |
| You must be 62 years of age or older qualify. |
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| 7. What is owed when a reverse mortgage loan is repaid? |
| Any principal you collected, interest charges, and service fees (such as closing cost fees) are paid from sale of the house or other assets of the estate once you move out of the home. |
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| 8. What costs and fees can I expect?. |
| You can expect to pay an application fee, origination fee, closing costs, insurance, and a monthly servicing fee. These can be paid upfront at the time of closing to made part of the loan. |
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| 9. Are there any safegaurds to protect me? |
| The federal government has mandated by law protections for seniors who decide a reverse mortgage loan is right for them. The main goal of these safeguards is to guarantee that in North Carolina seniors maintain their homeowner rights and that they will not lose their home. These protections are part of the FHA HECM reverse mortgage loan products. For proprietary products the government has put together a set of best practices. |
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Reverse Mortgage Loans North Carolina guides homeowners through the process of obtaining reverse mortgage loans by providing reverse mortgage loan information and resources. Reverse Mortgage Loans North Carolina can provide you with the best educational information including important links to external reverse mortgages resources, like the NRMLA, HUD and more. Reverse Mortgage Loans North Carolina can also help you find a top mortgage professional specializing in reverse mortgages. By using our site, you can be connected with local mortgage brokers that can help you understand the reverse mortgages loan process and can help you to obtain a reverse mortgages loan. Reverse Mortgage Loans North Carolina also helps by giving you access to recent articles, answering frequently asked questions and by hosting a blog with relevant recent news. If you or a loved one are aged 62 or over, use the Reverse Mortgage Loans North Carolina site to find out if you meet reverse mortgage loan and to start the reverse mortgage loan process. Please take time to review our privacy policy and terms of use and we hope that you benefit from using the Reverse Mortgage Loans North Carolina site.
Copyright 2007 HomeXperts, Inc. |
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| North Carolina is a state located on the Atlantic Seaboard in the southern region of the United States of America. It was one of the original Thirteen Colonies, originally known as Carolina, and the home of the first English colony in the Americas. On 20 May 1861, it became the last of the Confederate states to secede from the Union, and was readmitted on 4 July 1868. It was also the location of the first successful powered heavier-than-air flight by the Wright brothers at Kill Devil Hills near Kitty Hawk in 1903. Today, it is a fast-growing state with an increasingly diverse economy and population. As of 1 July 2006, the population estimate is 8,856,505 (a 10% increase since 1 April 2000), and the capital is Raleigh. |
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