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Last time, we learned about who can qualify for a reverse mortgage (see Reverse Mortgages - Part 1). This time we are going to discuss payment options and how much money someone can get with a reverse mortgage. ~ You will never have to make another mortgage payment ~ Payment Options When you fin...
02/02/2009
In this installment on reverse mortgages we will discuss a few items; The expected costs of a reverse mortgage, If an appraisal is needed, and Who holds title to your home. Expected Costs of a Reverse Mortgage The costs of a reverse mortgage are very similar to that of a typical purchase or refin...
02/02/2009
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Reverse Mortgage Counseling One of the wonderful things about reverse mortgages, is that everyone obtaining a reverse mortgage must go through counseling. Counseling is a time of education where you can ask as many questions as you like. You can also uncover some things that maybe you did not thi...
02/02/2009
Is My Reverse Mortgage Taxable? Money received from a reverse mortgage is not taxable as additional income. Remember, this is a loan you are taking out. This is already your money, so to speak. A reverse mortgage does not affect regular social security income. A reverse mortgage also does not aff...
02/02/2009
There are several main questions asked regarding the end of a reverse mortgage loan. These questions are; What happens if I owe more than my house is worth? How long will my reverse mortgage last? What will I owe when my mortgage is due? What happens if I have to leave my home? What happens when ...
02/02/2009
There are several main questions asked regarding the end of a reverse mortgage loan. These questions are; What happens if I owe more than my house is worth? How long will my reverse mortgage last? What will I owe when my mortgage is due? What happens if I have to leave my home? What happens when ...
02/02/2009
Purchasing a Home with a Reverse Mortgage. For the most part, the paperwork and the guidelines regarding this mortgage are the sameas those regarding the most common reverse mortgage, the Home Equity Conversion Mortgage (HECM), which is an FHA loan. The option to purchase a home with a reverse m...
02/02/2009
Treasury Mortgage is a subsidiary of Aurora Financial Group, South Jersey's largest independent mortgage banker. More than 20,000 area consumers have received over $2.1 billion from Aurora over the past two decades. Treasury Mortgage offers a wide variety of mortgage products, including specializ...
02/02/2009
Rainer
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Richard DeGrace
NMLS # 149277, Camden County, NJ Loan Officer
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Aurora Financial Group, South Jersey's largest independent mortgage banker. More than 20,000 area consumers have received over $2.1 billion from Aurora over the past two decades. We offer a wide variety of mortgage products, including specialized programs targeted for first-time homebuyers and retirees/seniors.
Since it's founding, Aurora has been at the forefront of innovative and addordable residential financing. Some of Aurora's notable achievements are:
•Largest originator in southern NJ of government backed loans (FHA, VA, RHS), 1986 to present
•Largest participant in NJ Housing & Mortgage Finance Agency (NJHMFA) programs, 1990 to present
•Largest originator or Rural Housing Service guaranteed rural housing loans, 1992 to present
•A leading providor of renovation and rehab loans using Fannie Mae's "Home-Style", FHA 203k, and NJHMFA's mixed use "upstairs-downstown" and home remodeling "HomePlus" programs
•Seller-Servicer for Fannie Mae, NJHMFA, and numerous banks, pensions funds, and private investors.
"Aurora Financial Group Inc. (NMLS # 7096) is a licensed Mortgage Banker - States of NJ & PA Departments of Banking."