| Illinois Reverse Mortgage - Michael Gray |
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 Illinois Reverse Mortgage Loan Specialist. Call AAA Reverse Mortgage for Illinois Reverse Mortgage Information
Thank you for visiting AAA Reverse Mortgage Specialists, Inc ("AAA Reverse Mortgage"). Matteson, Illinois website. Illinois reverse mortgage loans are growing in popularity. On this site you will find information about Illinois reverse mortgage loan programs.
AAA Reverse Mortgage is the online Illinois reverse mortgage website that offers real reverse mortgage financial solutions at low, down-to-earth rates. We understand that there are people with good credit as well as those with less than perfect credit ("BCD"). Whether you want a reverse mortgage loan for home equity or payoff debt consolidation, we have mortgage loans for you at the best rates available. We are uniquely qualified to handle online reverse mortgages using cutting edge technology and reverse mortgage loan software. Applying for a reverse mortgage is no longer constrained by time and place. AAA Reverse Mortgage utilize electronic commerce on the Internet in a fast, efficient, and convenient way. As a result, AAA Reverse Mortgage is able to lower its overhead prices (this translates into lower rates for you). AAA Reverse Mortgage mortgage site is secure to make lending online a safe and convenient reverse mortgage application process. |
| Illinois Reverse Mortgage Committment |
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AAA Reverse Mortgage Specialist, inc. is dedicated to providing affordable Illinois reverse mortgage loans for customers with various types of credit records. Qualified staff members are intent on doing nothing less than satisfying our customers' needs. We have a reputation for attentive, responsive Illinois reverse mortgage service that makes the entire reverse mortgage loan process pleasant and enjoyable. Our outstanding staff is also well experienced in meeting deadlines. Communication is a top priority. Customer feedback has indicated that AAA Reverse Mortgage Specialists, INC. excels in Ilinois reverse mortgage service areas and dependable, friendly customer service. AAA Reverse Mortgage guarantee satisfaction with the entire loan process. Illinois Reverse Mortgage |
| Illinois Reverse Mortgage Loan Programs |
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Illinois Reverse Mortgage staff are qualified in handling various types of reverse mortgage loans. These include but are not limited to zero point loans, fixed rate loans, adjustable rate loans, jumbo loans, A credit (conventional) BCD credit (less than perfect) and FHA mortgage loans. No matter what type of investment, we have a program for you. We have mortgage loans for real estate, apartment buildings, commercial property, or vacant land. Our flexible mortgage loan programs include allowance for gifts, cash out refi, as well as no fees, no asset, no income, and no documentation. To get a better idea of what we offer, check out our rate sheet. Feel free to use our payment calculator to assist you in your loan decision. |
| Reverse Mortgage Pros and Cons |
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PRO - The borrower(s) do not have to provide income or credit worthiness qualification.
CON - The borrower(s) have to be at least age 62.
PRO -There’s no monthly payments or repayment of the loan until the last homeowner is no longer in the home.
CON -- Interest will accrue on the loan, which reduces equity.
PRO -Neither the homeowner nor their heirs will ever have to pay from out-of- pocket any money to repay the loan (HECM). The loan balance to be repaid can never exceed the value of the home.
CON - The cost of FHA Mortgage Insurance Premium adds to the closing costs of the loan.
PRO - There is normally no out of pocket costs in getting a reverse mortgage. The closing costs are typically paid with the proceeds of the loan.
CON - The cost of FHA Mortgage Insurance Premium adds to the closing costs of the loan.
PRO - The home does not have to be owned outright – free and clear.
CON - Generally, the existing lien balance should not exceed 50% to 60% in order for the reverse mortgage to provide enough money to pay off the existing lien.
PRO - The heirs can keep the home, if they choose, as long as there are other funds available to pay off the reverse mortgage
CON - If the heirs decide to get a traditional mortgage, they will need to meet standard qualification criteria.
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