LOAN PROGRAMS
Vanguard Mortgage & Title, Inc. offers a wide range of loan programs. At the present time Vanguard Mortgage & Title, Inc. offers reverse mortgages in twelve (12) states: Maryland, Virginia, West Virginia, Delaware, North Carolina, Colorado, Alabama, Florida, Georgia, Tennessee, Utah, and Washington, DC.
Reverse Mortgages
A reverse mortgage is a special kind of mortgage available only to homeowners aged 62 or older who own their own home. There are three different types and Vanguard Mortgage offers all three types:
- U.S. Department of Housing & Urban Development (HUD) and FHA Home Equity Conversion Mortgage (HECM)--the federally insured reverse mortgage. It is usually the lowest cost in terms of interest rates, and for most seniors it can generate the most money. It has a loan limit for each county and city ranging from $200,160 in rural areas to $362,790 in high cost metropolitan areas.
- Federal National Mortgage Association (FNMA) insured Home Keeper reverse mortgage. It usually has the lowest closing costs, but carries a higher interest rate than the HECM. It can sometimes generate more money than the HECM for older and single seniors living in rural areas. It has a national loan limit of $417,000.
- The private Cash Account reverse mortgage. It is usually the highest cost reverse mortgage in terms of both closing costs and interest rates. However, it has no loan limits. Therefore, for seniors that live in multi-million dollar homes, it may be the best alternative.
For further information on reverse mortgages, please click on the Frequently Asked Questions (F.A.Q.) button above or contact Vanguard Mortgage. Contact Tom Davis at 301-526-0699 or 1-888-866-3284 and he will route you to a loan officer servicing your area. You may also directly contact one of our Reverse Mortgage loan advisors on our home page.
Even though you may not be eligible until you reach age 62 NOW may be a good time to start planning for those retirement years. We like to think that a reverse mortgage from Vanguard is an opportunity of a lifetime. Why wait. Plan now.
Every employee of our Vanguard Mortgage Team has signed the following Service Statement. We will:
- Honor our clients by doing what we say we will do with confidence, efficiency and excellence.
- Create mortgage solutions that accomplish our client’s financial goals.
- Respect our client’s concerns and fears by providing timely and ethical service.
- Be sensitive to our client’s time constraints and stress levels by being available to them when they need us.
- Use every means available to regularly communicate the loan status, to alleviate any stress associated with the uncertainty surrounding the mortgage process.
- Ensure smooth closings that are on time and in agreement with the terms reviewed.
Other Traditional Mortgages
Vanguard Mortgage also offers FHA, VA, FNMA conventional conforming and jumbo home loans at low market rates with excellent, friendly service. For further information, call 301-526-0699 or 443-249-0611. If you are outside the metropolitan Washington, DC area, contact us at 888-866-3284.
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