Overview
This is for Homeowners aged 62 and older that gives you the opportunity to get tax-free cash payments while remaining in your home. This income can serve as a much-needed source of funds to pay for retirement expenses.
Interest Rate Never Changes
Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years.
Consistent Loan Payment
Your payment will not change throughout the life of the loan.
Tailored to Your Situation
Your actual payment will vary based on your situation and the current interest rates when you apply.
Pay Off Any Time
Pay your mortgage off at any time without pre-payment penalties.
Plan your life with a
consistent
fixed rate payment.
15-Year Mortgage
You will pay less in interest. If you borrow $100,000 to purchase a home at a 4% interest rate, paying over a longer period of time will mean more interest on the money borrowed. So, a 15-year mortgage can significantly cut down on the interest that you pay. Add to that the lower interest rates that are often available for 15-year mortgages and you could have some big savings available.
Your monthly payment will likely be higher. Even with the lower interest rate, you will probably have a slightly higher payment with a 15-year mortgage. This happens because you are paying more towards principal from the beginning. But, you will be mortgage-free in half the time, which is no small feat.
30-Year Mortgage
You will pay more in interest. Longer mortgage means more interest charged. This is how banks and other lenders make their money. They loan you, the borrower, money and collect their interest over the 15 or 30 years it takes you to pay them back.
Your monthly payment will likely be lower. Because you are spreading out your payments over a longer period of time, they will almost always be lower with a 30-year mortgage. If your monthly budget is tight, this may be a better way to go.
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