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Welcome to “Understanding Reverse Mortgages” – a comprehensive class designed to provide you with an in-depth understanding of the intricacies and benefits of reverse mortgages. Reverse mortgages can be a valuable financial tool for seniors who own their homes and are looking for additional sources of income. This class will cover everything you need to know about reverse mortgages, including how they work, their advantages and disadvantages, and how to decide if a reverse mortgage is right for you. We will explore the various types of reverse mortgages, the eligibility criteria, the costs involved, and the repayment options. By the end of this class, you will have a thorough understanding of reverse mortgages and be better equipped to make informed decisions about your financial future.
When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.
Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York. Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.
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Northeast Financial LLC is a Licensed Mortgage Broker by the State of Connecticut Department of Banking, NOT A LENDER. Loans are arranged through 3rd party lenders.
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This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the state of New York can be facilitated through this site.