Are you over 62 and thinking about buying a home that better suits your needs? A Home Equity Conversion Mortgage (HECM) for Purchase, also known as a reverse mortgage, could be the solution for you. This specially designed mortgage allows you to buy a home without any compromises.
One of the key benefits of this loan is that it only becomes due when the last borrower permanently leaves the home. Until then, you can decide to pay as much or as little as you want each month*. This flexibility can help you save more money every month, preserving your retirement assets, and giving you greater financial freedom.
What’s even better is that, unlike traditional mortgages, a reverse mortgage comes with a protection feature. This ensures that your estate will never owe more than the current value of your home. That’s a level of security that can provide peace of mind during your golden years.
So, if you’re considering a new home purchase, don’t let financial constraints hold you back. Look into a Home Equity Conversion Mortgage for purchase or refinance and explore the possibilities it can open for you.
A reverse mortgage is a loan that must be repaid. Repayment of a reverse mortgage during the borrower’s life is required if the borrower sells the home. Foreclosure may occur if the borrower lives somewhere other than the home longer than allowed by the loan agreement or does not pay property taxes or insurance premiums. A borrower must make payments for taxes and insurance during the term of the reverse mortgage. Costs may vary and less expensive options may be available. A reverse mortgage may affect eligibility for some government programs, ( SSI and Medicaid may be affected). To retain the home when the reverse mortgage becomes due, the borrower or borrower’s heirs or estate must pay the entire loan balance and the balance may be greater than the value of the consumer’s home. Not all borrowers will qualify. Not all existing loan types are eligible.
Being your own boss shouldn’t mean a backbreaking path to homeownership. Self-employed borrowers can relax with Stockton Mortgage’s bank statement program, with alternative documentation options of 12 or 24 months of bank statements.
Our conventional loans can be a fixed rate or adjustable rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.
This loan program helps medical professionals qualify for a home loan, even with student loans and limited savings. Eligible borrowers include currently practicing medical professionals or those who’s employment will start within 90 days of closing.
The Federal Housing Administration (FHA) loan is a great option for borrowers without a large amount in savings.
Hobby Farm Home Loan
The Hobby Farm loan is for homes with 5 – 160 acres. Rural areas, non-contiguous parcels permitted. Not eligible for full time Farming operations. This program is good for customers looking for a place to have horses, hunting property, etc.
Home Equity Line of Credit (HELOC)
This alternative to a cash-out refinance allows a borrower to use the equity in their home without refinancing their mortgage.
Investor Cash Flow Loan
With Stockton Mortgage’s Investor Cash Flow Loan, it’s never been easier to break into real estate investing. This program allows you to utilize the future income rental of a property to determine cash flow – meaning that if portfolio growth is a goal, the Cash Flow Loan could make it happen.
Stockton Mortgage offers solutions for people who have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or wish to finance their existing mortgage. With our ITIN Loan Program, we may be able to utilize written verification of employment and bank statement payroll deposits in lieu of paystubs.
A great option for large loan amounts; too large for a conventional loan. Loan amounts up to $3 Million for owner occupied or $2 Million for second home. This program varies by state, please ask your mortgage banker for more information.
Low Down Payment, New Construction Loans
We offer new construction loans for VA, FHA and USDA Loans. These programs are good for customers that can’t find an existing home to purchase.