It looks like it’s that time again. Time to refill the oil tank and get prepared for Christmas. With the current economic state, it sure is not going to be an easy winter. If you can lower your monthly payments and put some money back into your pocket, it sure would help. That is why Genius Mortgage Solutions is offering the lowest possible wholesale rate on the me mortgage refinance programs. We will give you the wholesale rate instead of the retail rate from now until the end of December! This special program will allow you refinance up to 96% of your home’s value to lower the rate and payment. We can go up to 85% of your home’s value on a cash out. You do not have to have perfect credit either. If you have a 620 or higher you can benefit from this. Fill out our short form to get a free quote today!

Genius Mortgage Solutions is your source for a debt consolidation refinance. We work with Fannie Mae, Freddie Mac and the FHA to deliver the most competitive rates and programs. We can lend up to 85% of your home’s value with a debt consolidation refinance. By consolidating all of your high interest credit cards into the debt consolidation refinance, you can usually save between $300.00 to $800.00 per month off of your current monthly expenses. Please contact us today to see if a debt consolidation refinance is right for you.

Genius Mortgage Solutions is your source for an fha refinance. An fha refinance might be your pathway to a low interest rate home loan. One of the benefits of this program is that it provides flexible underwriting guidelines so that you can get a competitive interest rate on a home loan with as low as a 620 credit score. The fha refinance will also allow you to borrow up to 96.5% of your homes value. Please contact us today to see if an fha refinance is right for you.

FHA reverse mortgage for a debt free retired life

History repeats itself. In 1929, while millions of Americans were loosing their homes under the disastrous effects of great depression, Federal Housing Administration (FHA) was formed to help them. The current depression’s wave is more devastating than the last one. And, to help senior citizens from it, FHA has introduced reverse mortgage plans. It is now offering fresh loan plans under the schemes of home equity conversion mortgage plans. It is approved by the government and helps elderly people from falling prey to exorbitant rate of interest charged by unscrupulous lenders. In this article, we will discuss various aspects of FHA reverse mortgage.

FHA reverse mortgage helps the borrower to unleash the equity present in his home. The loan amount is paid back only when the borrower dies, moves into old home or sells the property. During his life span, the borrower is free to live in his home and he can not be removed from. When the borrower dies there is a fresh evaluation done regarding the value of the home. If the value of home falls short of loan amount and interest, FHA pays the remaining amount.

To avail FHA reverse mortgage, the borrower needs to be over 62 years’ age. The property to be pledged as security should be his primary residence. There should not be any loan against that property. If there are loans on the property, the equity is calculated by subtracting debt amount from the market value of the property. After calculating the equity and average value appreciation, loan amount is fixed. Age also pays a vital role in determining the limit of loan amount. Older borrowers are offered more loan amount. The property you are going to pledge needs to be free from litigations. There should not be any tax or insurance premium over due on the property. No credit check or income verification is required for approval of FHA reverse mortgage.

FHA reverse mortgage is the one loan for remaining life time. It means you can not refinance the property under reverse mortgage. Along with, the property under reverse mortgage can not be claimed under laws of inheritance. The loan amount is paid either in the line of credit, lump sum or monthly basis. Out of the above three, line of credit offers highest loan amount. Lump sum reverse mortgage plans are acquired faster but their rate of interest is highest. If you look for a fixed monthly income for rest of your life monthly reverse mortgage is the tailor made plan for you.

As told earlier, FHA reverse mortgage are the last resort of lending for a senior citizen owning a home. Before applying for these loans you are advised to go through the pros and cons. All information related to this financing option can be available through internet. Hence, have a proper homework before you apply for these loans and live happily without debt burden for the rest of your life.