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The Reverse Mortgage Process: An Interview with Alex Niven of Interstate Home Loan Center, Inc

By Alex Niven

Tell us a little bit about your company and its foundation.

We started Interstate Home Loan Center in 1996. Over the past years homeowners have come to count on us for reliable and honest help. Our mission is to first and foremost assist individuals and families achieve their dream of owning their own home or keeping their family home. We specialize in helping homeowners get the money they need for home improvements, debt consolidation , purchasing a new home or refinancing their existing mortgage. Our new corporate headquarters is located in Melville, New York and our staff is second to none with experienced personnel ready to answer your questions and make the entire process as easy as possible. Interstate Home Loan Center is a Licensed Mortgage Banker, NMLS 56315, licensed in NY, NJ, CT and FL, which means we are a "Direct Lender" and unlike a "mortgage broker" we actually make the lending decision. By dealing direct, you cut out the "middleman" and get the fastest service possible. We specialize in: Purchase, Refinance, Reverse Mortgages, 203(k) FHA, Conventional, and HomePath loans.. We have a very fast application to closing process and an exceptional team to make the entire transaction as efficient and painless as possible. Please call us at (800) 313-8618 to speak with one of our representatives or visit our website at www.interstatehomeloans.com. We are also proud of our A+ rating from the Better Business Bureau.

Could you briefly explain what a reverse mortgage is?

Reverse Mortgage is a government insured mortgage loan that allows seniors to remain in their home with no monthly payments while utilizing their existing equity. Typically there are no income requirements, no credit scores requirements and the loan proceeds are tax free. Many senior homeowners are taking advantage of a Reverse Mortgage to supplement their retirement. It's not only flexible; but it offers security and predictability.

How can clients prepare for this process?

It is advisable to consult a trusted financial advisor and a licensed Mortgage Loan Originator to evaluate your current finances and future goals to help you determine the best option for you.

What are some common questions you face when it comes to a reverse mortgage?

  • Do I still own my home? Yes, you keep the title and you are able to remain in the property as long as you live.
  • How is the loan repaid? The loan generally does not have to be paid back until the last surviving spouse moves out of the property or passes away. At that time, the estate has about 6 month to either repay the loan balance or sell the property to pay of the balance. Any remaining equity that may be left goes to the estate. If the property sale does not cover the balance owed, the estate is not responsible for the difference.
  • Are there any restrictions on how I use the money? No.
  • Who pays property taxes and insurance? You are responsible for all payments.

How long does the process typically take?

It typically is a shorter processing time than a conventional loan only taking a few weeks to finalize.

What's the best way for people to get in contact with you?

For the company you can call 800-313-8618 or me personally Alex Niven 631-414-7265 or visit our website www.interstatehomeloans.com

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