If you are 62 years of age or greater and want to eliminate your monthly mortgage payment or receive additional tax-free cash, Gateway Funding Diversified Mortgage Services LP has a solution for you using the equity contained in your home.
Online PR News – 06-October-2010 – – Horsham, PA Rising unemployment, the decline in the stock market and decreasing home values have impacted the lives of many Americans. This is especially true of senior citizens who live on fixed incomes and have lost a substantial portion of their retirement funds in the stock market.
Gateway Funding ( http://gateway-funding.net ) Diversified Mortgage Services LP offers FHA reverse mortgages as a solution that can provide tax-free cash to senior homeowners. A reverse mortgage is a special type of mortgage loan where we convert your home’s equity into tax-free cash. So, unlike a traditional mortgage where you are making payments to the lender each month, with a reverse mortgage, the lender is making payments to you each month. The size of the payments depends on how much equity you have in the home, the appraised value of the home, interest rates and your age (62 or greater); the older you are, the more cash you receive. You can receive payments in the form of a lump sum, monthly installments, a line of credit or a combination of these methods.
Repayment of the reverse mortgage only takes place when homeowner permanently moves out of the home. All FHA reverse mortgages are non-recourse loans, meaning that in the event the loan balance exceeds the value of the home, there is no personal liability to the borrower or their heirs. A borrower never owes more than the value of their home. Any amount due in excess of the home's value will be forgiven,” says an expert at Gateway Funding Inc ( http://gateway-funding.net ). Upon leaving your home, the loan balance plus accrued interest becomes due and payable; that repayment may be made from the proceeds of selling the home.
The Wall Street Journal recently reported in the months of March and April that the number of reverse mortgages ( http://gateway-funding.net ) has seen a steep rise of 20% compared to the statistics recorded last year at the same time. Once a homeowner obtains a reverse mortgage, their only obligations are to pay real estate taxes, pay homeowners insurance and to keep the property in good condition.
While reverse mortgages are typically used to provide a lump sum of cash or increase monthly cash flow, they can even be a viable option for seniors facing foreclosure or bankruptcy.
Yesterday, a new reverse mortgage product called the “HECM Saver” was introduced; this product drastically reduces the closing costs of a reverse mortgage making them an attractive option for even more seniors
Gateway Funding utilizes a multi-investor platform enabling the company to provide consumers with a diverse array of both fixed and adjustable rate reverse mortgage products from leading financial companies throughout the U.S.
About Gateway Funding:
Gateway Funding Diversified Mortgage Services, LP, established in 1994, is one of the largest privately-held mortgage companies in the United States. Gateway Funding is licensed in most states and has office locations across the country to serve you in your mortgage, home finance, refinance and reverse mortgage requirements. Gateway Funding recognize the challenges their clients and borrowers face today and are determined to find the best possible solution for their customer’s current financial needs.
For more information please contact:
Managing Director, Reverse Mortgage Division
Gateway Funding Diversified Mortgage Services, L.P.
300 Welsh Road, Building 5
Horsham, PA 19044