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Loan Programs | Assistance
Programs | Reverse Mortgage
We have several
mortgage programs to best suite your personal situation.
Click here for help choosing
the best loan program for you.
The following loan programs are available:
FHA
The Federal
Housing Administration (FHA) offers very low down
payments (3 - 5 percent). By providing private lenders
with mortgage insurance, the FHA gives them the security
they need to lend to first-time buyers who might not
otherwise qualify for conventional loans. The FHA
has helped more than 26 million Americans buy a home.
Anyone who meets the credit requirements, can afford
the mortgage payment and cash investment, who and who
plans to use the mortgaged property as a primary residence
may apply for an FHA-insured loan.
VA
Mortgage
plans offered through the Department of Veteran's
Affairs (VA); VA-guaranteed mortgages with no down
payment are available to qualified veterans. To qualify
for this loan, you must get a certificate of eligibility
from the Department of Veterans Affairs.
Conventional
A private
sector loan, this is not guaranteed or insured by
the U.S. Government. [More information]
Non-Conforming
Farmers Home
Rural Development
The guaranteed
rural housing program offered by the Rural Housing
Service (RHS) is for people who meet certain income
requirements and wish to buy a home in a rural area.
This government guaranteed loan requires no down payment.
Investment
Property
Construction
Michigan's Mortgage Credit Certificate
Program
Michigan's
State Housing Development Authority (MSHDA) and local
lending institutions offer you another financial option:
A Michigan Mortgage credit certificate, or MCC. The
Michigan Mortgage Credit Certificate Program was authorized
by Congress as a new concept for providing assistance
to homebuyers.
The Mortgage Credit Certificate reduces
the amount of federal income tax you pay, thus giving
you more available income to qualify for a mortgage
and assist you with your house payments. MCC's are available
to homebuyers who meet household income and home purchase
price limits established by the state legislature and
who are eligible under the federal regulations.
Ask
us about MCC
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Providing income from Home Equity for homeowners 62 and older. We make more American dreams come to life!
A Reverse Mortgage is designed to help homeowners 62 and older to remain in their homes and enhance their quality of life in retirement.
The reverse mortgage is a non-recourse loan that releases Home Equity and converts it to Tax Free income. There are no restrictions on the use of proceeds, the borrower continues to own the home and no monthly payment is required for as long as the borrower resides in the home.
Whether the goal is to increase income, pay for long term care insurance or specialized medical treatment, or enjoy the freedom and choices that help make the retirement years memorable, releasing home equity can be the key to a secure and well planned retirement.
Here are some possible reasons and benefits for taking advantage of the reverse mortgage program.
- Maintain your independence by not relying on family and friends for your financial needs.
- Improve your standard of living by receiving extra monthly income.
- Pay off your existing mortgage and eliminate those monthly mortgage payments.
- Make needed repairs or improvements to your home.
- Use extra money to receive necessary home health care or medical treatment.
- Pay off medical and utility bills, debts, property taxes, etc.
- Splurge on yourself by buying a new car, taking a vacation, or visiting family or friends.
- Set up a line of credit now for future emergencies and unexpected expenses.
- Make a wise investment.
No payment due on a loan for as long as you continue to live in your home, provided the taxes and insurance are kept current and you continue to maintain your home in reasonable repair.
Normally your loan will be repaid from the proceeds of the sale of your home after you no longer reside in it.
Our extensive product selection and commitment to exceptional service means smooth and simple mortgage experience customer after customer closing after closing.
No matter what loan program fits your personal needs we make the mortgage process shorter and sweeter.
You may choose from one of the following payment options:
- Tenure Option: Fixed monthly payments for as long as you continue to live in your home.
- Term Option: Fixed monthly payments for a term of months which you select.
- Line of Credit Option: Payments at times and in amounts which you select.
For complete details on our Reverse Mortgages, including specific term and conditions, give us a call at 616 392-2290. We will be happy to show you how a reverse mortgage could be the key to your financial freedom.
Thanks to government-insured Reverse Mortgages Older Americans can now draw on the equity they can have in their homes to create flexible tax-free income plans.
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