Saratoga’s Community FCU offers several mortgage options including reverse mortgage. If you are a homeowner and age over 62, you’ll be eligible for the special mortgage. Plus, there is no requirement of credit or income. So, it is easy and simple to qualify.
Here are some other things you should know about the mortgages.
If there is an existing mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at closing.
If the equity in the home is higher than the balance of the loan when the home is sold to repay the loan, the remaining equity belongs to the estate.
If the sale of the home is not enough to pay off the reverse mortgage, the lender must take a loss and request reimbursement from the FHA.
Founded in 1945, Saratoga’s Community Federal Credit Union is a member-owned financial cooperative with more than $29 million in assets and over 5,000 members now.
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345 Bay Rd # 201, Queensbury, NY 12804