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| Reverse Mortgage for Seniors age 62 or Older |
| 30 Year Fixed Rate Conforming |
| 20 Year Fixed Rate Conforming |
| 15 Year Fixed Rate Conforming |
| 10 Year Fixed Rate Conforming |
| FHA 30 Year Fixed |
Rates last updated on Tuesday, March 09, 2010
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Reverse Mortgage for Seniors age 62 or Older
If you are age 62 or older and have built up at least 50% equity in your home, a Reverse Mortgage will allow you to access the equity right now!
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| | Instead of continuing to make monthly mortgage payments, you may take advantage of the equity in your home - that's the 'reverse' part.
Clients may choose to receive the cash payments monthly, as a line of credit, or in a lump sum.
Also, because the Reverse Mortgage is FHA insured, you will never owe more than the value of your home. Finally, you keep title to your property- meaning that you continue to own your own home.
For a no obligation consultation, please call us at 815-462-4300. |
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30 Year Fixed Rate Conforming
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.875% | 1% | 5.052% | | 5% | 0% | 5.089% |
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20 Year Fixed Rate Conforming
Term: 20 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.625% | 1% | 4.864% | | 4.875% | 0% | 4.995% |
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15 Year Fixed Rate Conforming
Term: 15 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.25% | 1% | 4.552% | | 4.375% | 0% | 4.525% |
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10 Year Fixed Rate Conforming
Term: 10 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.25% | 0% | 4.466% |
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FHA 30 Year Fixed
Term: 30 years
Maximum Amount: $410,000
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| Rates | Points | APR |
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| 4.875% | 1% | 5.052% | | 5.125% | 0% | 5.214% |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $4,170. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.
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