We have discussed many different kinds of Austin mortgages in previous posts. It’s good to remember, when you are shopping for Austin mortgages or considering refinancing, that there are many options out there.
Austin Mortgages and Short Sales
A short sale can be a good deal for a buyer, but patience is required in any transaction involving a short sale. Because buyers are dealing with the seller’s lender as well as the seller, paperwork does not move quickly. In many short sales, the homeowner has stopped making payments and the home is vacant. It is in the lender’s best interest to get the defaulted loan off the books and accept an offer, but that doesn’t mean they will jump at any offer.
The Ins and Outs of Reverse, Austin Mortgages
These are types of Austin mortgages given to people 62 years old or older and have high levels of equity in their home. Reverse mortgages allow senior homeowners to convert some of the equity in their home into cash while retaining home ownership. These kinds of Austin mortgages don’t have to be repaid until the home is sold, the senior homeowner moves onto some other type of residence, or through a settlement of the estate.
3 Requirements for obtaining Reverse, Austin Mortgages
There are three main requirements for a reverse mortgage:
- the applicant must be at least 62 years old
- own their home outright or have a small amount owed on the mortgage
- the home must be their principal residence
The actual amount of the loan and the interest rate are determined by different factors, like the appraised value of the home, the age of the loan applicant and whether the loan will be taken in one payment or several payments. Generally, however, the older a loan applicant for reverse, Austin Mortgages the fewer requirements there are and the more money is available.
Help with Austin Mortgages
For more information on Austin Mortgages please contact our experienced Austin Mortgage Bankers at Leader1 Mortgage by filling out the form above or by phone at 512-356-9436. We look forward to helping you with any questions you may have about Austin Mortgages.
Austin Mortgages Image: renjith krishnan / FreeDigitalPhotos.net
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