Wisconsin mortgage loans is committed to helping you find the right mortgage product for your needs in New Richmond. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Simply stated, a reverse mortgage is a loan that enables
homeowners (age 62 and older) to convert part of the equity in
their home into a tax-free income without having to sell the
home, give up the title, or take on a new monthly mortgage
payment. More and more homeowners are using this to supplement
their retirement income, pay for health care, modify their home,
or just get some cash for emergencies. Since this is a new
product, some people have misconceptions of what a reverse
mortgage is. The bank doesn't give you money and take your
house. Let's look at some of the most common questions.
Are reverse mortgages for desperate people? No. It is an
excellent financial planning tool used from people of all walks
of life.
How do I qualify? You must be 62 or if both parties are on the
mortgage, then you both must be at least 62. And, you must have
equity in your home.
What if I still owe on my home? You may still qualify even if
you have a balance on your first mortgage. The proceeds must be
used to pay off the mortgage, first.
How much can I get? This depends on several factors such as, the
age of your home, the value, your age at the time of closing,
and interest rates.
Is it just monthly payments? No. You can get a lump sum, line of
credit, monthly payments or a combination of monthly income and
a line of credit.
But, won't I have to pay taxes on these monthly payments to the
government? No. The funds are tax-free. Its your money, not
additional income.
Should I seek a lawyer or receive some counseling before I get a
reverse mortgage. Yes. You must be counseled before receiving a
reverse mortgage. You don't have to talk to a lawyer or
accountant, but it would be advised.
Who owns the title to my house? You still own the title.
What happens when I die? Once your home is passed on to your
heirs, the mortgage becomes due. Your heirs may pay the mortgage
and keep the home or sell the home and pay off the home. They
may keep any excess sales proceeds.
What if I owe more than the house is worth? You can't. Your
repayment amount will never exceed the value of the home at the
time the loan comes due. Also, there are no prepayment
penalties.
What if I move? If you move, then the mortgage becomes due and
must be repaid.
Where can I learn more? The National Reverse Mortgage Lenders
Association at http://www.reversemortgage.org
About the author:
Stuart Simpson has a neat mortgage calculator FREE to use. Try
it out at:
http://www.mortgage-refinance-review.com/calculator.php