Franklin Financial is dedicated to providing you and your family full information disclosures which will allow you to make informed decisions with your home.
| Loan
Elements |
Refinance |
Home
Equity Loan |
Reverse Mortgage |
| Home Ownership |
Yes
|
Yes
|
Yes
|
You retain title to your home. |
| Income
Qualification |
Yes
|
Yes
|
No
|
Loan is based on market
value your home. No income is
required for a Reverse Mortgage. |
| Credit Score
Verification |
Yes
|
Yes
|
No
|
Age and property are the
only lending criteria.
Credit and income are not
factors. |
| Monthly
Loan Repayments |
Yes |
Yes |
No |
Reverse mortgages are not
due for repayment until you no longer
occupy your home. |
|
Pre-Payment Penalty |
Yes
|
Yes
|
No
|
You, or your estate repay
the reverse loan in one
payment, when you no longer
occupy your home.
Reverse Mortgage Loans offer you a far
longer period than forward
mortgages to settle your
estate, usually 6 months. |
| Loss of Home
|
Possibly
|
Possibly
|
No
|
With other loans foreclosure
is a risk, but not with a
Reverse Mortgage. Your home
cannot be taken from you, if
you pay your property taxes
and you live in it at least
6 months a year. No matter
what. It's the law. |
| Property
Appraisal |
Yes |
Yes |
Yes |
Appraisal is key since
you're borrowing against
your home's market
value.
Home Value Estimator: Click Here
|
| Funding Time |
30 to 45
days |
30 to 45
days |
40 to 60
days |
|
|
