Reverse Mortgages

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If you’re a homeowner 62 years or older, consider the tax-free income benefits of a Reverse Mortgage. Unlike a regular mortgage, with reverse mortgages the lender makes payments to you.You can choose to receive the money from a reverse mortgage in fixed monthly payments, a line of credit, or in a lump sum. More than 55% of borrowers choose the line of credit, which allows you to draw from the loan at any time.

Why should I apply for a Reverse Mortgage

“The amount of your reverse mortgage is determined primarily by your age and appraised home value. To find out just how much you can get, speak to one of our Reverse Mortgage Specialists today!”

Reverse Mortgages are available from Somerset Investors Corp. in the following states:

  1. CA, DE, IN, MT, NM, RI, TX, CO, FL, MA, NC, NY, SC, VA, CT, GA, MD, NH, OR, TN, VT, DC, HI, ME, NJ, PA,

 

FHA Approved Lenders

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FHA loans differ from conventional loans in a number of ways. The down payment required for a FHA-insured loan, is usually much lower than for conventional loans. FHA loans also have lower credit requirements than conventional loans, making them more available to a wider range of potential homebuyers.

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FHA Continued...

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FHA loans offer borrowers several other valuable benefits, not least of which is those aforementioned smaller down payments. Unlike a conventional loan, which ordinarily requires 10-20% down, FHA-insured loans only require down payments as low as 3.5-5%.

The FHA is also more flexible in calculating factors to determine whether or not to approve the loan factors such as household income and repayment ratios.

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