Finance of America Reverse
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Liberty Reverse Mortgage
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American Advisors Group
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(800) 485-9418
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Mutual of Omaha Mortgage
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Intercontinental Capital Group
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If you’re considering a reverse mortgage in Sioux City — whether it’s to pay health care bills, buy hearing aids, fund a bathroom remodel, invest or cover the costs of long-term care — you should shop around at various lenders.
You will notice there are different types of reverse mortgages. The right type of reverse mortgage for you depends partly on how you want to use the money and the value of your home.
The types of reverse mortgages in Sioux City include the following:
To apply for a reverse mortgage in Sioux City, you must:
The requirements for a reverse mortgage can vary slightly based on the type of reverse mortgage. HECM applicants, for example, must also meet with a Department of Housing and Urban Development-approved counselor for an information session. HECM applicants must also live in properties that meet certain standards.
When you apply for a reverse mortgage, expect a lender to want to see proof of income and assets, timely payment of taxes and insurance premiums, and a list of your monthly expenses. The lender will also check your credit history. The lender may require funds to be set aside to pay property taxes, homeowners insurance and flood insurance.
Reverse mortgage borrowers in Sioux City have different ways to receive loan funds. The availability of different options depends on the type of reverse mortgage you get and the lender.
Who qualifies for a reverse mortgage in Sioux City?
To qualify for a reverse mortgage in Sioux City, you should be at least 62, own your home or have paid off a large amount of your mortgage, live in the home as your principal residence, not have any overdue federal debt and be able to continue to pay property taxes and insurance.
How much money do you get from a reverse mortgage in Sioux City?
How much money you can borrow with a reverse mortgage in Sioux City depends on your age, the type of reverse mortgage (HECM, proprietary or single-purpose), your home’s appraised value, interest rates and your personal financial situation. As a rule, the older you are and the more equity you have in the home, the more you can borrow.
How do you pay back a reverse mortgage in Sioux City?
A reverse mortgage usually doesn’t have to be repaid until the last surviving borrower moves out of the home or dies. The borrower or the borrower’s estate then repays the loan — sometimes by selling the house.
Finance of America Reverse |
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Finance of America Reverse offers HECMs and “reverse for purchase” loans for those who want to move. FAR has been in the reverse mortgage industry for over 17 years. Contact the company online or by phone for more information. |
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Liberty Reverse Mortgage |
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Liberty Reverse Mortgage is a reverse mortgage lender that has funded a total of over $7.5 billion in loans for over 60,000 borrowers across the U.S. Its products include HECMs, HECMs for Purchase and EquityIQ jumbo reverse mortgages. The “Iron Clad Guarantee” promises to match or beat a competitor’s program offering or give you a $100 Visa gift card, and to close your loan in 60 days or fewer, or it credits $500 toward closing costs. Complete your reverse mortgage application entirely online. |
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American Advisors Group |
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American Advisors Group offers HECMs, jumbo reverse mortgages with borrowing amounts up to $4 million and “reverse for purchase” loans. A reverse mortgage calculator on its website quickly shows you how much you may qualify to borrow. Contact AAG online or by phone and receive a free information kit. |
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Learn More (800) 485-9418 |
Mutual of Omaha Mortgage |
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Mutual of Omaha Mortgage offers reverse mortgages, including HECMs for Purchase. Its website has a number of reverse mortgage and retirement calculators to help customers figure out their retirement plans. It also has answers to FAQ. Call or fill out a form online for more information from Mutual of Omaha Mortgage. |
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Intercontinental Capital Group |
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Intercontinental Capital Group is a direct lender specializing in home financing. Customers work with counselors to determine their eligibility for a reverse mortgage in Sioux City. Start the reverse mortgage application process with Intercontinental Capital Group by filling out a form online or calling. |
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