By Angela Lanfranco
Denver Reverse Mortgages
Denver Reverse Mortgages can assist homeowners with converting a portion of their equity into useable cash. The Federal Housing Administration has created something called The Home Equity Conversion Mortgage (HECM). There are some stipulations and qualifications, but this program could be the answer to so many struggling Americans financial problems. The greatest part of this Golden Lenders sponsored program is that you wont have to pay back a penny of the loan unless you move and call another home your primary residence. Of course there are 2nd mortgages and refinancing options where you can draw out cash on your equity, but with a Denver Reverse Mortgage, you pay nothing as long as you reside in the home. And the qualifications are a lot simpler than refinancing or pulling out a 2nd mortgage.
Denver Reverse Mortgages for Retirement
More and more retired Americans especially in Denver are using reverse mortgages to supplement their social security income. It could be that your house is a little older and in need of repairs, a reverse mortgage option could help you financially support this. Golden Lenders in Denver, has been offering quick approvals that could literally get you cash in days through reverse mortgages. This option is very attractive to seniors because they are normally living on a fixed income.
Rules of the Denver Reverse Mortgage
To be eligible for a FHA HECM: the Federal Housing Authority requires that you be:
Homeowner
62 years of age or older
Own your home outright, or have a low mortgage balance that can be paid off at closing with the reverse loan
You must live in the home
How you will receive your payments?
• Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term – equal monthly payments for a fixed period of months selected.
• Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
• Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
• Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower
Goldenlenders is happy to sit down with you and discuss your options regarding a Reverse Mortgage in Denver. Give us a call today or send us an email to get started today!
303-482-2361 or Contact Us through our Online Form by clicking HERE
By Angela Lanfranco
Great refinancing rates in Denver and other Colorado areas is slowly starting to dry up according to a nationwide report last week. Some rates by lenders across the U.S. went up almost one percent. This could be because of the Feds recent comments on the economic stabilization looking a little brighter. With the growing number of folks refinancing, this has to play a role in a boost in the U.S. economy. Most analysts agree this small rise in rates won’t necessarily hurt the economy. While some home owners who were pondering on recent offerings of 4 % rates, are now wishing they had acted faster.
The average rate for a 30-year fixed mortgage is back at 4.91 percent this week, up from 4.82 percent last week, Freddie Mac said Thursday. Here at Golden Lenders, we are constantly watching these trends because we have had so many homeowners inquire about refinancing. ” I would say now is the time, it can’t get much better than now” said Golden Lenders Owners D.J. Robbins. D.J. and his team have been processing multiple refinancing packets per day. D.J. when on to say “These homeowners are getting the best possible rates we can offer.”
Most of the fuel behind the recent spike was because of new loan applications rising for the last 5 weeks according to the Mortgage Bankers Association. On top of that, sales of new homes are appearing to bounce back. Here in Colorado, home sales are actually positive from April through May.
We can still lock you in a great refinancing rate, just come in and sit down and talk with us. We will sit and consult with you and figure out the best possible options that suit your needs. Whether your looking to cash in some equity, get a lower rate, or lower your monthly payments, there is something right now that fits your situation. Denver Colorado home refinancing options have still never been better. Don’t wait to long before the time is up. Contact Golden Lenders today!
By Angela Lanfranco
New Colorado Refinance Program from Fannie Mae
Denver Colorado Streamlined Refinancing
Denver Home owners could be in for a big incentive based on the new program by Fannie Mae. Some home owners who are facing home value losses could see some stimulus. If you live in Colorado and have a Fannie Mae loan, GoldenLenders would like to talk with you. If you are currently in an ARM or interest only, we may be able to assist you in securing a more stable loan and reduce your monthly payments.
FHA Streamlined mortgages in Colorado
This program is designed to assist homeowners in getting a better rate without the hassle of all the historical documentation. Turnaround times can be quick and painless. If you meet the following criteria, you should qualify for the FHA Streamline refinance option:
- 1 year no late payments on your mortgage.
- You have an FHA loan.
- You’re currently up to date with your mortgage.
- Provide your Social Security Number.
What’s so great about this new program? You do not need to go through the appraisal process. You get to refinance the original amount of your loan even if your home has lost value. This refinance option will lower your payment and your interest!
What to expect?
You will not get more than the original amount for starters. If you are looking to make any money, this is not the program for you. This process can be completed very quickly and it’s painless. Little documentation is required and the only thing you would need to do is show proof of your Social Security Number.
Got Questions?
Not sure if you have an FHA Loan? Give us a call – We can assist you!
Golden Lenders will be pushing this new refinancing until it expires. Give us a call or send us an email today!
