I have been familiar with the information services for some years, and they offer sound advice on a lot of financial topics. Mortgage information is one of the areas they offer especially helpful tools for consumers conducting online research into their personal finances and mortgage options in the process of making decisions.
Helpful articles and calculators guide those seeking mortgages to information that will help you make the best decision. For example, if you wish to know how much you can borrow, by entering you and your partner’s monthly income you can receive a general estimate. If you want to know how much a particular mortgage amount will cost, you can enter the mortgage amount, the term, and interest rate and see how much the interest will cost each month, and the amount of payment required for a repayment mortgage.
For consumers seeking mortgage quotes in the UK, the side-by-side comparison chart of current offers makes evaluating the various lenders easy. Initial interest rates and subsequent rates are calculated to form a cost comparison between lenders, including detailed relevant information regarding arrangement fees and early repayment charges as well as the maximum percentage value allowable for financing. Links allow the consumer to inquire of the listed lenders directly from the Motley Fool website. Various mortgage types have their own comparison list, such as buy to let mortgages, fixed rate, offset, and others, depending upon which will suit the particular consumer’s needs.
Reverse mortgages offer for old homeowner with no repayment required as long as they continue to live in the home.
Proceeds are generally tax-free, and don’t usually affect Social Security or Medicare benefits. The borrower keeps the title to the home, and does not have to make any monthly payments as long as they live in the home. The home cannot be foreclosed due to missed mortgage payments, since none are due.
In some cases you can use the money for whatever you want (depending upon the type of reverse mortgage you apply for), and in many cases there are no income restrictions. One caveat is that they are generally more expensive than other mortgages to originate, so if you plan to remain in your home for only a short time, a reverse mortgage may not be your best choice.
There are several types of reverse mortgages available. Proprietary reverse mortgages are one kind, offered by private lenders and generally with fewer restrictions. This type of reverse mortgage can be especially suitable if your home is more valuable and you would like more cash up-front than may be available from other types of reverse mortgages.
Some states are becoming more competitive, with a greater percentage of seniors coupled with many valuable homes, Competition among lenders often means better terms for consumers of mortgages.
In such an environment as this, a mortgage broker can assess your situation and present you with a number of offers from different lenders in order to secure the best terms for your particular situation. Particularly if you are in the market, or any other location where competition is keen among lenders, be sure to contact a broker to consider the offers from their lender’s network, even if you are considering a different type of reverse mortgage.