The lender pays you a tax-free monthly income based in part by the amount of equity you have in your Washington home. The monies you receive go against your equity position and can even exceed your equity position at no risk to you. When you no longer live in the home the loan then becomes due. After the lender is paid back the outstanding loan amount plus interest, the remaining equity can be given to family or friends. The lender only collects what has been paid plus interest and nothing more.
Consumer Safeguards
Seniors in Washington are protected when they purchase a reverse mortgage loan product. The federal government has mandated laws to guarantee the homeowner will never lose their title or rights. Several steps in the loan process require education and financial counseling so the Washington senior can make the best informed decision for their situation. Many times a reverse mortgage loan is the right product and sometimes it's not.
-- 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
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Reverse Mortgage Loans Washington guides homeowners through the process of obtaining reverse mortgage loans by providing reverse mortgage loan information and resources. Reverse Mortgage Loans Washington can provide you with the best educational information including important links to external reverse mortgages resources, like the NRMLA, HUD and more. Reverse Mortgage Loans Washington can also help you find a top mortgage professional specializing in reverse mortgages. By using our site, you can be connected with local mortgage brokers that can help you understand the reverse mortgages loan process and can help you to obtain a reverse mortgages loan. Reverse Mortgage Loans Washington also helps by giving you access to recent articles, answering frequently asked questions and by hosting a blog with relevant recent news. If you or a loved one are aged 62 or over, use the Reverse Mortgage Loans Washington site to find out if you meet reverse mortgage loan and to start the reverse mortgage loan process. Please take time to review our privacy policy and terms of use and we hope that you benefit from using the Reverse Mortgage Loans Washington site. Copyright 2007 HomeXperts, Inc.
Washington is a state in the Pacific Northwest region of the United States. The state is named after George Washington, the first President of the United States. It is the only U.S. state named after a president. Washington was carved out of the western part of Washington Territory and admitted to the Union as the 42nd state in 1889. In 2006, the Census Bureau estimated the state's population at 6,395,798. Residents are called "Washingtonians" (emphasis on the third syllable, pronounced as tone). Washington is sometimes called Washington state or The state of Washington to distinguish it from Washington, D.C., the U.S. capital.
