If you’re considering a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage – you probably have a lot of questions, especially about interest rates. Understanding how these rates work is crucial because they impact how much you can borrow and how your loan balance grows over time. Meet Mary – A […]
Reverse Mortgage for Home Repair | Repair Set-Asides to Assist If you or a loved one is considering a reverse mortgage in California and the home requires repairs, you may be wondering how those costs will be handled. The good news is that HUD guidelines allow for repair set-asides under certain conditions, making it possible […]
Understanding Reverse Mortgage Interest Rates Fixed Rates If your reverse mortgage has a fixed rate, the interest rate in your contract will remain the same for the duration of your rate term. Common fixed-rate terms include 6-month, 1-year, 3-year, or 5-year fixed terms. This provides stability, ensuring your rate does not fluctuate. Variable Rates If […]
Understanding the Roles in the Mortgage Process: Broker, Loan Officer, and Lender When navigating the mortgage process, it can be challenging to determine whom to approach for guidance. Should you work with a mortgage broker, a loan officer, or a mortgage lender? Each plays a distinct role in helping you secure a mortgage, and understanding […]
Understanding Conventional and Conforming Loans: A Comprehensive Guide When exploring mortgage options, you may encounter terms like “conventional loan” and “conforming loan.” Understanding these terms is crucial in determining the best mortgage for your needs. At O1ne Mortgage, we are here to help you navigate these options and find the perfect loan for your situation. […]
As we explore the realm of retirement financing pros, reverse mortgages often emerge as a double-edged sword. Designed as a financial tool for homeowners aged 62 or older, reverse mortgages can bolster your finances by providing tax-free income while eliminating monthly payments. Nevertheless, we must weigh these benefits against the potential reverse mortgage risks and […]
