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Welcome to Financial,
subject graduated payment mortgage

 


reverse annuity mortgage (RAM)

an alternative mortgage loan program in which the lender makes periodic payments to the borrower. The loan is secured by the borrower's accumulated equity in the home. This type of loan is usually taken out by an older, retired person who has substantially paid for a home, and now needs additional income to live on. The borrower receives periodic payments from the lender, or from an annuity set up with the proceeds from the loan. The owner continues to live in the house until death, with ... : reverse annuity mortgage (RAM)

Length of Second Mortgage

Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to ma... : Length of Second Mortgage

Open Mortgage (6-month to 1 year terms are most common):

Allows borrowers to repay all or part of the principal amount of their mortgage at any time without penalty. You usually have to pay a higher interest rate for this type of mortgage since it offers greater prepayment flexibility. This flexibility makes open mortgages ideal for homeowners who plan to sell in the near future or who want to wait for rates to drop before locki... : Open Mortgage (6-month to 1 year terms are most common):

reverse mortgage

A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.The loan is not due and payable until the ... : reverse mortgage

CLOSED MORTGAGES / FIXED RATE MORTGAGES

The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property. These days, there are many ways t... : CLOSED MORTGAGES / FIXED RATE MORTGAGES
For more information about graduated payment mortgage: seasoned mortgage?


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