Non Conforming Speciality Programs

Non conforming loan programs are unique loan opportunities typically outside of the normal Freddie Mac and Fannie Mae loan guidelines.  Two types of non conforming loans include the following:
 


Reverse Mortgages

Reverse mortgages (also known as home equity conversion mortgages - HECM) enable elderly homeowners to tap the equity in their home without selling their home. The lender pays you money based on the equity you've accrued in your home - you receive a lump sum, a monthly payment, or a line of credit. Repayment is not necessary until you sells the property, move into a retirement community, or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the loan proceeds plus interest you received from the reverse mortgage.  This cash can be obtained by you or your estate by selling or taking out a conforming loan on the property.

To obtain a reverse mortgage the home owner must be at least 62 years of age, have a low or zero balance owed against the property and maintain the property as your principal residence.

Reverse mortgages are ideal for homeowners who are retired, or are no longer working, and need to supplement their income.  Interest rates can be fixed or adjustable and the money is non-taxable.  Also it does not interfere with Social Security or Medicare benefits. Your lender can not take your property away if you out live your loan.  Nor can you be forced to sell your home to pay off your loan, even if the loan balance grows to exceed the property value.

Follow these links for additional information on reverse mortgages:
Hud.gov Reverse Mortgages
AARP Reverse Mortgages

Mortgages and Real Estate


Jumbo Loans

Are large loans typically greater than $417,000 and are normally fixed rate.  These loans can be 15 or 30 years in length.  Peoples Choice Home Loans specializes in large initial saving on jumbo loan products.  Allow me to show you just how much I can save you on your jumbo loan.  Contact me today for specifics!


Communities currently served in the state of Georgia include the following: Albany, Atlanta, Bainbridge, Cairo, Camilla, Thomasville, Valdosta, Moultrie, Macon, Jonesboro, Duluth, Marietta, Sanannah, Norcross, Decatur, Sandy Springs, College Park, Roswell, Smyrna, and Stone Mountain.


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