Finance of America Reverse
|
|
Prepare for retirement with us! |
Read More | ||
Liberty Reverse Mortgage
|
|
Provides HECM and HECM for Purchase loans. Properties must meet FHA’s requirements to be eligible. Offers a promise for competitive rates. Loan closings within 60 days and financing for processing and loan fees available. |
Read More | ||
American Advisors Group (AAG)
|
|
Prepare for retirement with us! |
Read More | ||
Cornerstone Mortgage
|
|
Location
1830 W. Mason St., Ste. 1
Green Bay, WI 54303
(920) 429-1500
|
|||
Fairway Independent Mortgage Company
|
|
Location
2301 Riverside Dr., Ste. B9
Green Bay, WI 54301
(920) 437-3247
|
Green Bay’s real estate market has shown signs of warming, adding to home values. And with the number of people in Green Bay age 65 and older expected to double to one-quarter of the population in the next two decades, according to state figures, there could be more residents who could benefit from a reverse mortgage.
What is a reverse mortgage? It is a loan against home equity, with the homeowner borrowing from a reverse mortgage company. But the borrower does not make monthly payments to repay the loan. Instead, the loan is not repaid until the homeowner sells, moves or dies.
A Home Equity Conversion Mortgage, or HECM, which is insured by the federal government, is the most common type of reverse mortgage. There are also private loans, known as proprietary reverse mortgages.
While there are some exceptions, generally the loan does not need to be repaid until the last person on the deed is deceased, you no longer reside in the home or loan terms are not being met. At that point, the home can be sold to pay back the loan. If that is undesirable to heirs, there are other options they can pursue.
To qualify for a reverse mortgage, you generally need to meet the following requirements:
Be prepared to incur some costs as you pursue a reverse mortgage, such as closing costs and mandatory counseling costs. Often those costs can be lumped into the loan so your out-of-pocket expenses are minimal.
Lenders will require an assessment before you are approved to ensure you are financially able to meet the maintenance requirements of a reverse mortgage and pay for home expenses. In all, the process to obtain a reverse mortgage can take up to a few months.
Finance of America Reverse |
||
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Green Bay, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you. |
||
Liberty Reverse Mortgage |
||
As one of the country’s largest reverse mortgage providers, Liberty Reverse Mortgage has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Reverse Mortgage representatives. |
||
American Advisors Group (AAG) |
||
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait. |