Edmonds Reverse Mortgage Lender
Welcome to Capital Home Mortgage Edmonds. Where our goal is simple, to provide Edmonds Seniors access to every Edmonds Reverse Mortgage product available while providing sound financial advice of the pros and cons to each of the Edmonds Reverse Home Loans. We understand that considering a reverse mortgage is an important decision for seniors and that is why Capital Home Mortgage Edmonds provides dedicated points of contact throughout the reverse mortgage process to ensure that every question is answered and that you have the same representative to walk you through the process. This assures outstanding customer service and provides a stress-free experience. Edmonds is a direct Edmonds Reverse Mortgage Lender that offers seniors both refinance and purchase reverse mortgagees, while managing the entire lending process from beginning to end. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings. Rest assured we have complete control over everything from the application to the funding.
Thank you for the opportunity to earn your business. Call today (425) 324-9505 to talk begin the process or to one of our Edmonds Reverse Loan Specialists.
Reverse Mortgage Loans Edmonds Washington
A reverse mortgage is a type of loan that allows homeowners 62 and older to turn their home equity into cash. This loan is secured by the homeowner’s home and does not require monthly mortgage payments. The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.
Types of Reverse Mortgage
There are typically three reverse mortgage types: reverse mortgages with a single purpose, proprietary reverse mortgages, and home equity conversion mortgages (HECM).
- The single-purpose reverse mortgage is a government- or non-profit-backed option for accessing home equity for a particular purpose.
A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.
Advantages of a single-purpose reverse mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement.
Disadvantages of single-purpose reverse mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved by the lender and written into the loan. This limits how the funds can be used.
- A proprietary reverse mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum.
A proprietary reverse mortgage is a mortgage loan provided and guaranteed by a private entity instead of a government-insured reverse mortgage loan. It enables the homeowner to access the equity in their house and utilize the funds for any purpose. Government-insured reverse mortgages are subject to the same limits and regulations as proprietary reverse mortgages. However, they are not regulated; therefore, the loan terms might vary significantly between lenders.
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
- No mortgage fee upfront.
- HECM, or Home Equity Conversion Mortgage, is the most prevalent reverse mortgage type insured and regulated by the U.S. Department of Housing and Urban Development (HUD).
Home Equity Conversion Mortgage (HECM) is a reverse mortgage program insured by the Federal Housing Administration (FHA) that enables seniors to access a portion of their home’s equity. The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both. A HECM can also be used to purchase the borrower’s primary residence.
Advantages of a HECM
- No credit score requirements.
- Tax-exempt funds
- No monthly loan payments are due.
- Lenient income requirements.
- The ability to obtain funds based on their home equity.
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc.
However, HECMs also have some potential downsides. The borrower’s property must be their primary residence for most of the year, and they must repay the HECM if they sell the home or relocate. In addition, funding the costs of a HECM can reduce the borrower’s available net loan amount, and the loan contains several fees and charges, such as mortgage insurance premiums, third-party expenses, origination fees, interest, and servicing fees.
Apply For A Reverse Mortgage With Capital Home Mortgage Edmonds
Capital Home Mortgage can help you obtain the funds you need to supplement your retirement income, whether you choose a reverse mortgage or an alternate loan option. As a direct mortgage lender in Washington, we provide the state with the most competitive interest rates and lowest fees. Call (425) 324-9505 to speak with our Reverse Mortgage Specialists.
To be approved for a Reverse Mortgage, seniors must attend a counseling session assigned by the Department of Housing and Urban Development “HUD.” This counseling covers how the loan works, the costs associated with setting up the reverse mortgage loan, and its benefits. The loan is adaptable for seniors who don’t want to continue a monthly mortgage payment or for those who want to continue making payments. Edmonds Reverse Home Mortgages can be used for a purchase or a refinance with or without cash being taken out.
Edmonds Reverse Home Mortgages
In Edmonds, reverse mortgages function based on the same core principles and regulations as in other states, though specific aspects or considerations may be unique to the Edmonds region.
To qualify for a reverse mortgage in Edmonds, homeowners must be at least 62 years old and either own their home outright or have a small mortgage balance that can be paid off with the reverse mortgage funds. The property must be the borrower’s primary residence and meet certain criteria set by the Federal Housing Administration (FHA), including a single-family home, a one-to-four-unit property, or an approved condominium or manufactured home.
Before securing a reverse mortgage in Edmonds, borrowers must participate in a counselling session with a HUD-approved counsellor. This session is designed to help borrowers grasp the responsibilities and consequences associated with a reverse mortgage. The loan limits for reverse mortgages in Edmonds, similar to other states, can fluctuate and are influenced by factors including the borrower’s age, the appraised value of the home, and prevailing interest rates.
A distinctive feature of a Edmonds reverse mortgage is that repayment is generally deferred until the borrower ceases to live in the home as their primary residence. Once that occurs, the loan is due, and the borrower or their heirs are responsible for settling the loan amount, typically through the sale of the property or by refinancing.
Like many other states, Edmonds has implemented regulations to protect borrowers who obtain reverse mortgages. These regulations typically require lenders to provide clear and accurate information about the loan’s terms, counselling requirements and other protective measures.
The interest rates and fees linked to reverse mortgages in Edmonds can differ based on the type of reverse mortgage and the particular conditions of the loan.
Anyone thinking about a reverse mortgage in Edmonds should take the time to explore their options, grasp the loan’s terms and conditions, and seek advice from a financial advisor or a Edmonds Reverse Specialist to confirm that it aligns with their financial needs.
Borrowers must also consider how their actions might affect their eligibility for government assistance programs like Medicaid or Supplemental Security Income (SSI).
Edmonds Reverse Mortgages
Life after retirement can present its own set of challenges, especially when you hit the senior milestone of 62 years in Edmonds. This marks the beginning of what could be the longest vacation of your life. You’ll no longer have to face the Monday morning grind or relish the excitement of Friday evenings at work. You are officially retired. Yet, this new chapter also brings the reality of a restricted income. Although you might have insurance, pensions, and investments, they may not suffice. Fortunately, there is an option to secure extra funds through a Edmonds Reverse Mortgage.
A Edmonds Reverse Mortgage is a financial program that allows homeowners to convert their home equity into a lump sum of cash. In this arrangement, the homeowner relinquishes a portion of their equity while retaining ownership and residency in the property as their primary home. This type of mortgage is designed to offer eligible seniors a reliable source of income during their retirement years.
This mortgage program offers an excellent opportunity to unlock the value of your investment. Homes continue to be valuable assets, yet many homeowners struggle to access that value because they are unable to sell. Reverse mortgages allow you to tap into your home’s equity, providing you with funds while still living in your property. The loan is due when the homeowner sells or leaves the home, or sooner if certain conditions arise, such as not paying property taxes, homeowners insurance, or failing to maintain the property.
Capital Home Mortgage Edmonds offers reverse mortgages in Edmonds. Call (425) 324-9505 to speak with our Edmonds Reverse Specialists and discover if a reverse is right for you.
Edmonds REverse Home Loans
- Purchase & Refinance
- Primary Only
- 62 Years or Older
- Required Hud Counseling
- Homeowners Insurance Required
- Must Continue to Pay Taxes
- Meet Required Equity Values
Edmonds HOME EQUITY CONVERSION Mortgages
Edmonds Home Equity Conversion Mortgages
The Edmonds Home Equity Conversion Mortgage (HECM) stands out as the most common type of reverse mortgage due to its lack of restrictions. This means that seniors can utilize the funds however they choose, allowing them to tap into a portion of their home’s equity. Borrowers have the flexibility to receive cash in a fixed monthly payment, access a line of credit, or combine both options. Additionally, a HECM can be employed to buy the borrower’s primary residence. This mortgage is insured and overseen by the U.S. Department of Housing and Urban Development (HUD) and falls under the Federal Housing Administration (FHA).
Advantages of a HECM
- No credit score requirements
- Tax-exempt
- No monthly loan payments are due. Owner Still Responsible for Property Taxes, Insurance, Property Related Charges
- Lenient income requirements
- The ability to obtain funds based on their home equity
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc
Dis-Advantages of a HECM
- Property must be their primary residence for most of the year
- Must repay the HECM if they sell the home or relocate
Edmonds Proprietary Reverse Mortgage
Edmonds Proprietary Reverse Mortgage
The Edmonds Home Equity Conversion Mortgage (HECM) stands out as the most common type of reverse mortgage due to its lack of restrictions. This flexibility allows seniors to utilize the funds however they choose, tapping into a portion of their home’s equity. Borrowers can receive cash through a fixed monthly payment, a line of credit, or a combination of both options. Additionally, a HECM can be employed to buy the borrower’s primary residence. This mortgage is insured and regulated by the U.S. Department of Housing and Urban Development (HUD) and falls under the Federal Housing Administration (FHA).
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
Edmonds Single Purpose Reverse Mortgage
Edmonds Single Purpose Reverse Mortgage
The Edmonds Single-Purpose Reverse Mortgage is a financing option supported by government or non-profit organizations, designed to help homeowners tap into their home equity for a designated purpose. This type of reverse mortgage involves a contract between a lender and a borrower, where the lender provides funds to the borrower in return for a share of the borrower’s home equity. The funds received must be allocated for a specific use that has been authorized by the lender and outlined in the loan agreement.
Advantages of a Single-Purpose Reverse Mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement
Disadvantages of Single-Purpose Reverse Mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved and written into the loan. This limits how the funds can be used.
Why Edmonds is Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates & Fees
Exceptional Service
7 Day a Week Support Application to Final Payment
Edmonds Mortgage Company Reviews
Edmonds Mortgage Team
Edmonds Mortgage Programs
Edmonds Home Purchase loans
Looking to Purchase an Edmonds Home?
Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Edmonds Renovation Home Loans
Looking to Rehab an Edmonds Home?
Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Edmonds FHA Home loans
Great 1st Time Edmonds Homebuyers
FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket. Call today to get started.
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Edmonds va Home Loans
100% Financing for Edmonds Vets
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Edmonds Conventional Home loans
Flexibility for Edmonds Homebuyers
Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Terms
- Renovation Programs Available
Edmonds Jumbo Home Loans
Edmonds Non-Confirming Home Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Edmonds USDA Home loans
100% Rural Edmonds Home Loans
USDA Loans are a great option for families wanting to live outside of the city. Call today to speak with a loan officer to discuss your personal loan options.
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Edmonds Native american Home Loans
Edmonds Hud 184 Home Loans
HUD 184 Home Loans are solely for Native American and offer a variety of benefits. Call today to speak with a loan officer to find out more.
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Edmonds Manufactured Home loans
Great Alternative Edmonds Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Edmonds Reverse Mortgage Loans
Your Edmonds Home at Work
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Edmonds Non QM Home loans
Making Edmonds Mortgages Possible
Looking for Non Traditional Home Mortgage Loan? Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Edmonds One Time Close Home Loans
Build Your Edmonds Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Edmonds Refinance Mortgage loans
Edmonds Rate & Term Refinance
Refinancing can be a hard decision and the payback can sometimes be confusing. Call today and let our Loan Officers walk you through the process.
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Edmonds Cashout Mortgage Loans
Edmonds Equity Mortgage Loans
Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education
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