Reverse Mortgage Loan Product
What is a Reverse Mortgage?
A reverse mortgage is a home loan product that lets you tap into a portion of your existing home equity for cash. The equity that you have built up all these years can now be paid out to you. However, instead of having to repay this money in the form of mortgage payments, no monthly payment is due. In fact no payment is required until you no longer use this home as your primary residence.
In what instances are Reverse Mortgages used?
- Supplemental Income is needed.
- Prescription Drug costs are strapping your monthly budget.
- Avoid Foreclosure.
- Home Remodeling
- Purchase Life Insurance
Is my home eligible?
The home must be a single family home or a 1-4 unit building with 1 unit occupied by the borrower. HUD approved Condos are also available.
How much money can I get from my home?
There are a few differnet variables that go into this caluclation. Basically the more your home is worth, the older you are, the lower the interest rate, the more money you can access. You can use this Calculator to estimate your particualar situation. Just keep in mind this is a calculator from a 3rd party website and we are not responsible for the accuaracy of this information nor do we endorse this site.
What are my payment receipt options?
You have five options:
- Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- Term - equal monthly payments for a fixed period of months selected.
- Line of Credit - unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
- Modified Tenure - combination of line of credit with monthly payments for as long as you remain in the home.
- Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
Kay Brooks is our Reverse Mortgage Specialist. Be sure to contact her for any questions you have as well as get details on your particular situation! Office: 660-438-9720
7-30-2010
Today's Rates
| Conventional 30 Year Fixed |
4.625% | |
| 4.720% APR | ||
| 4.375% | ||
| 1 Point Paid | 4.550% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 20 Year Fixed |
4.500% | |
| 4.629% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.489% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| Conventional 15 Year Fixed |
4.125% | |
| 4.430% APR | ||
| 3.875% | ||
| 1 Point Paid | 4.180% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| FHA 30 Year Fixed |
4.500% | |
| 4.733% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.558% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| VA 30 Year Fixed |
4.500% | |
| 4.765% APR | ||
| 4.250% | ||
| 1 Point Paid | 4.591% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
| USDA 30 Year Fixed |
4.750% | |
| 5.012% APR | ||
| 4.500% | ||
| 1 Point Paid | 4.839% APR | |
| Rates can change numerous times per day and every loan scenario is different. Please call for a detailed quote. The rates posted below are for a given scenario and your quote may vary. If you have a more competitive quote, give us a call and we will do our best to beat it! | ||
"It has been a pleasure to work with Shawn Von Talge and Eric Hemmer. In my mind experience counts for a lot and they have that and more. I appreciate the care they devote to every customer and can count on them to do the job right every time."
Hayes Murray - Remax Boone Realty
"Tina (Howard), I just wanted to say thanks again for all of your hard work in helping me buy my first home. I truly believe I couldn't have done it without you by my side. We are very pleased with our home and have already started some big projects. Corey and I crack jokes all the time about "Welcome to homeownership". Thanks again! It was a pleasure and I feel like I picked up a new friend."
Corey and Trisha Wright
"Shawn, thank you again for all of your hard work. The process was as smooth as expected. Your efforts were definitely above and beyond any other loan officer/company I had worked with in the past. No doubt I will be recommending many people to you that are looking for your services."
Stephen Wilson
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Richard and Glenda Chapman
I am so fortunate that my realtor (Susan Myers) suggested we bring you (Kelle Walters) on board for my "Home Buying Adventure". You made the potentially frustrating experience a very pleasant one. Also, I don't think I could have gotten a better deal thanks to your knowledge and know-how. Thank you for everything that you did in helping me get my home!
Joe McKie
Dear Scott,
Thank you so much for your help throughout this entire process. CJ and I both were very impressed with your desire to help us understand everything each step of the way. We can't thank you enough for your guidance and professionalism. We knew we were in good hands working with you. I will definitely recommend you to others. Also, if you need a reference for a potential client please feel free to send them my way.
We are going to be hosting an open house party sometime later this month so be looking for that invitation!
CJ amd Emily P. - US Army, Columbia, MO
"I would recommend Flat Branch Home Loans and Shawn Von Talge to anyone. Great service!"
Phoebe Gibbs
"Eric Hemmer was great. A smooth process all the way through. Thank you, I love my new home!"
B Banks
"For my husband and I, buying this home was going to ba a huge step in our lives. It is what our family needed. We knew it would be tough and once we started the loan process we hit alot of bumps in the road, but our loan officer (Eric Hemmer) made it very easy for us to understand the process. He explained everything to us every step of the way. You did a wonderful job and worked really hard for us. We feel we owe you everything for making our family dream come true!"
Nick and Mindy Williams
"Shawn Von Talge has been a big part of our success over the last 4 years. From what we have seen, his honesty and professionalism have been unequaled in the lending industry. We feel confident our clients are taken care of when dealing with Shawn as their mortgage lender."
Brett and Ronda Benton
