Archive | November 2012

Who Qualifies for Reverse Mortgages?

Reverse mortgage is a federally-insured private loan established by the U.S. Department of Housing and Urban Development (HUD) of the United States. This loan is able to provide elderly Americans a safe plan that assures them financial security. The main benefit of reverse mortgages is its ability to increase one’s spending power during retirement.  For example, under the mortgage plan, retired individuals may have more money available to supply extra funds to their social security, prepare for unexpected medical expenses, and spend on other various expenditures such as home improvement. It is important for those who are considering a reverse mortgage to learn about the details of the coverage as this would help them determine if such a loan is the best fit for their needs.

Reverse mortgage loans provide an opportunity for homeowners to transfer home equity into cash. What is most attractive about the reverse mortgage loan is that one’s home cannot be taken away for reasons of non-payment. In addition, lenders have no claim on the homeowner’s income or assets. These perks are not practiced in other home equity loans.

Not everyone is qualified to obtain a reverse mortgage. A few conditions and requirements must be met in order to qualify for one. Eligible candidates must fulfill the borrower, property, and financial requirements of the program.  For example, candidates must be no younger than 62 years old, own the property outright, live in the property, not be delinquent on federal debt, etc.  

A wide variety of property types are eligible for the reverse loan, from detachable homes, manufactured homes, condominiums, townhouses to four unit houses.  Similar to the standards on property types, the loan accepts homes that are mortgaged by various lenders. However, the reverse mortgage will not allow an individual to have a loan that exceeds the value of their house; in such a case the borrower could lose their home.

The amount of money a borrower may receive from a reverse mortgage is reliant on the house’s appraised value, the age of the borrower, and the current interest rate. Anyone interested in reverse mortgages can inquire with FNC Title Services, LLC. FNC Title, founded by Ali Farahpour, is one of the leading companies when it comes to home titles and mortgage loans. The company’s main goal is to ensure that their customers are safe, secured and covered from potential risks or problems.

Why You Need Home Title Insurance

Home title insurance is an insurance policy which protects both the home owner and the lender from possible known or unknown defects of the title before and during the time of sale. There are several unpleasant problems that could happen to a home title. To mention a few, one could forge a signature to a deed and convey the property to another party; the existence of a mortgage lien could be unidentified by creditors due to the lack of legal descriptions of a mortgaged property; or a deed could be reprehensibly recorded due to faulty legal description.

Whether it concerns refinancing a home or purchasing a new home, home title insurance is important to the homebuyer and the lender to ensure there are no major problems or risks. Mortgage lenders assign a lien to the property being mortgaged in case the homebuyer is no longer able to pay for the property. In this respect, the lien will ensure that the property has a clean title and is free of complications. For the homebuyer, home title insurance will protect their title from potential defects until they resell or refinance their home.

Home title insurance, unlike any other insurance coverage, does not have a monthly paid premium. The premium is paid only during settlement and the coverage will last until resale or refinancing of the property. In events of property disputes, the homebuyer is safely covered for any expenses that might result from such situations.

Homes are entities where many would consider as a nesting place, however obtaining such a sense of security can be costly and nerve-wracking. Home title insurance relives homeowners and homebuyers from stress and uncertainty. There are several home title insurance providers in America. FNC Title Services, LLC, founded by Ali Farahpour, is one of the country’s leading title companies that can provide safe and secure home title insurance.

FNC Title considers service as the root philosophy of their company, ensuring security of the titles of their valued customers. From title search, preparation for the closing of sale, conducting of the closing, safekeeping of documents and issuing title policies, FNC Title promises to provide their utmost effort and performance.