A tradition home equity loan provides people a line of credit at a variable interest rate. As money is taken, principal and interest is owed. The amount of the credit line depends on the amount of equity in the Maine home at the time the loan is closed. When we reverse this, then we have a lender that holds a credit line and pays you a tax-free monthly income. Even if the lender eventually pays you more than the amount of equity you have left in the home, your payments continue. When it is time for the loan to be repaid, the lender is owned the payments plus interest up to and never to exceed the amount of equity in the home at the time of closing.
Consumer Safeguards
Maine seniors are protected from the very beginning starting with the loan process. Federal laws are in place to safeguard seniors from losing their most important possession, their home. The homeowner in Maine never puts their title at risk and never risks losing their home. Education and counseling is provided to make sure that a reverse mortgage loan provides the greatest safeguards and protections for any given situation.
-- Mortgage Rates by Bankrate.com --
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Current Mortgage Rates
Loan Type
Rate
+/-
Last
30 yr fixed
6.51%
▲
6.22%
15 yr fixed
6.04
▲
5.72%
5 / 1 ARM
5.97%
▲
5.63%
30 yr fixed jumbo
7.49%
▲
7.21%
5 / 1 jumbo ARM
6.35%
▲
6.26%
-- RML TV --
Posted: Tue, 08 July 2008
Title: Reverse Mortgage Loans Advantages and Disadvantages
Local businessThe Herald-Times (subscription), IN - Jul 20, 2008He is a graduate of the University of Maine and earned a master’s degree from the University of Colorado. He is a member of the Fellowship of Christian ...
Reverse Mortgage Loans Maine provides reverse mortgages, loan information and resources to guide homeowners through the process of buying a reverse mortgage loan. Reverse Mortgage Loans USA can help you find a top mortgage professional specializing in reverse mortgages, the best educational information, important links to external reverse mortgages resources, like the NRMLA and HUD and more. Our site connects you with local mortgage brokers that will help you through the reverse mortgages loan process to ensure a successful loan. We also provide answers to frequently asked questions, articles and a blog with relevant current news. If you or a loved one are aged 62 or over, get the facts about reverse mortgages, find out if they meet your mortgage requirements and review the steps you will take if you decide to start the reverse mortgage loan process. We encourage you to read our privacy policy and terms of use and hope that you enjoy using the Reverse Mortgage Loans USA site. Copyright 2007 HomeXperts, Inc.
The State of Maine is a state in the New England region of the northeastern United States of America. It is the northernmost portion of New England. The state is known for its scenery — its jagged, mostly rocky coastline, its low, rolling mountains, and its heavily forested interior — as well as for its seafood cuisine, especially lobsters and clams.
The Herald-Times (subscription)