THIS IS WHERE
YOU WANT TO BE
Our Home Loan Programs Qualifying
Credit Scores Range from 580+ to 850 for:
1st Time Buyer’s Programs
- Conventional Home Loans
- Reverse Mortgage Loans
Reverse Purchase Loans
- FHA Home Loans
- VA Home Loans
- USDA Home Loans
- Refinance Home Loans
We Are Your Home Loan Experts That Will Get You The Right Home Loan Program You Want & Qualify For.
1st Time Home Buyer’s Programs
Quick Summary of (8) Types of Purchase/Refinance Home Loans. See us for more home loan information in addition to below.
Our Past Customers Have Said
Choosing The Rick Herrera Group Has Been For Them…
“A most positive & life-changing decision”!
Our Pledge To You Is Simple.
At Northern Mortgage Services, LLC., The Rick Herrera Group, With Our Large Selection Of National Lenders, We Are Your Home Loan Experts That Will Get You The Right Home Loan Purchase Or Refinance You Want & Qualify For, With Best Rates & Lowest Closing Costs, From 1st Time Home Buyer’s Programs to FHA, VA, Conventional, USDA Home Loan Programs, FHA Reverse Mortgage Products Or FHA HECM Reverse Purchase Loan Products!
Meet Your Team
NMLS # 16442
Asst. Branch Manager
NMLS # 738064
Senior Loan Coordinator
NMLS # 1808333
FAQs About Reverse Mortgages
We offer FHA insured HECMs (Home Equity Conversion Mortgages); a safe, secure loan that lets you access your home’s equity to get cash for your retirement funding needs.
The amount you receive is based on current interest rates, the age of youngest borrower and the lesser of the appraised value of your home, or sale price up to maximum lending limit.
The funds available to you may be restricted for the first 12 months after closing, due to HECM requirements. In general, the older you are, the more equity you have in your home and the lower your mortgage balance: the more money you can expect from HECM loan.
The HECM is available as either an adjustable or fixed-rate loan. With the adjustable rate, the rate is adjusted monthly or annually based on the LIBOR (London Inter Bank Offered Rate).
The fixed-rate HECM maintains the same interest rate over the life of the loan. You may need to set aside additional funds from loan proceeds to pay for taxes and insurance.
Loan repayment is not due UNTIL YOUR HOME IS SOLD….As long as you meet the loan obligations such as living in the home as your primary residence, continue to pay required property taxes and insurance , and maintain your home according to FHA requirements.
You or your heirs WILL NOT be required to pay more than the value of your home at time the loan is repaid; even if your loan balance exceeds the value of your home, provided you or your heirs decide to sell the home. BEST of ALL, any remaining equity goes to you or your heirs once the loan is repaid.
Seeing if a Reverse Mortgage is right for you with Northern Mortgage Services, Inc The Rick Herrera Group is easy! At no cost or obligation, we will provide you three (3) personalized FHA insured reverse mortgage programs to consider that are specific to your needs, goals, home and property.
To be eligible for a reverse mortgage loan, some key requirements are:
- Primary borrower 62 years of age or older…(non-borrowing spouse on title IF under 62 year of age would be used).
- Live in your home as your primary residence and have sufficient equity.
- You must be able to pay off your existing mortgage through the reverse mortgage loan proceeds. (IF YOU HAVE ONE)
- Live in a single family home or two-to-four unit owner-occupied home or FHA-approved condominium or manufactured home that meets FHA requirements.
- Must meet financial eligibility criteria as established by HUD.
In addition to eligibility requirements, you must also meet the following conditions to obtain a reverse mortgage loan:
- Complete a HUD approved counseling session…(Can be done by phone or in person)
- Maintain your home according to FHA requirements.
- Continue to pay property taxes and homeowners insurance.