Security One Lending

Asset Protection

admin — Tue, 26 Jan 2010 18:29:53 +0000

The HECM is a “non-recourse” loan. Title to the home always remains with the borrower. When the loan becomes due, the lender is repaid the sum of funds advanced plus the reasonable accrued interest, but never more than the value of the house. If there is remaining proceeds, it belongs to the homeowner or their heirs.

No Prepayment Penalty

admin — Tue, 26 Jan 2010 18:27:07 +0000

Although the loan is not due and payable until the homeowner permanently moves out of the home, it can be paid-off or refinanced at any point with no additional fees or costs.

Lifetime Security

admin — Tue, 26 Jan 2010 18:24:36 +0000

As long as a borrower resides in the home, maintains taxes, insurance and general upkeep, a reverse mortgage cannot become due during the homeowner’s lifetime. With no required payments and a lifetime right to occupy the home, a reverse mortgage can provide protection against unforeseen future circumstances that is vastly safer than other loan alternatives.

Independent Counseling

admin — Tue, 26 Jan 2010 18:22:09 +0000

Before a reverse mortgage application can be processed, the prospective borrower must talk with an independent counselor. Both HUD and AARP oversee a network of counselors who are responsible for verifying that the borrower understands the reverse mortgage program by reviewing the loan details and answering questions.

Limitation on Fees

admin — Tue, 26 Jan 2010 18:19:54 +0000

Fees associated with the program are limited by HUD regulations and may be financed as part of the reverse mortgage. This means a senior is not required to incur ANY out-of-pocket expense to get a reverse mortgage.

Fixed & Capped Interest Rates

admin — Tue, 26 Jan 2010 18:17:37 +0000

Reverse mortgage programs allow a borrower to choose a fixed or adjustable interest rate. Fixed programs have a fixed interest rate for the life of the loan. Adjustable programs offer the security of capped interest rates and often provide the highest amount of money to the borrower.

Safeguards of the Reverse Mortgage Programs

admin — Tue, 26 Jan 2010 18:09:52 +0000

Although all reverse mortgage products available in the marketplace work with similar protections, the most popular program is the Home Equity Conversion Mortgage, or HECM, regulated and insured by the U.S. Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA).

Among HECM’s consumer safeguards are several important features:

Frequently Asked Questions

admin — Tue, 26 Jan 2010 00:54:02 +0000

Below is a list of Frequently Asked Questions by category. If you do not find the answer to your question(s), please don’t hesitate to call one of our Reverse Mortgage Specialists today at (800) 628-5093. At Security One Lending, our specialists are fully trained to help educate and guide you in the right direction with no obligation. Look for your question below:

Contact Account Executives

admin — Fri, 22 Jan 2010 18:46:14 +0000

Mortgages Contact Form

admin — Fri, 22 Jan 2010 00:57:08 +0000

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