Mortgage cannot be separated from buying a dream residence in an easy way. With many mortgage lenders are now available, borrowers can choose one that suits their preference. Among various mortgage companies, SunTrust becomes outstanding lender that offers various services and products to meet your need. Aside from wide ranges of mortgage options, SunTrust also provides SunTrust reverse mortgage. What is actually reverse mortgage?
SunTrust Reverse Mortgage Definition
As the name suggest, reverse mortgage refers to converting the home equity into cash. In other words, this product can be your financial tool when you retire. What is the good thing of SunTrust reverse mortgage service? For retirees, SunTrust reverse mortgage is all they need to retire in the most dreamed way. This loan product does not require any mortgage payment each month; however they still have responsibility to pay home insurance as well as property taxes.
Some rules may be applied during this mortgage. The rules vary depending on the region or country you are living. As aforementioned, SunTrust reverse mortgage frees the borrowers from paying mortgage payment every month. Therefore, the interest will be added to loan balance. When the loan balance grows, it may exceed the home value.
SunTrust reverse mortgage lender is suitable for retirees who need some peace of mind after retirement. It is not surprising to find many seniors are contacting and end up trusting their home loan to SunTrust. It was noted that SunTrust reverse mortgage is available since 1961. However, it was considered as unsafe at that time. In 1988, SunTrust tried to enhance this product and finally it became well known as well as safe as until today.
As the effect of its popularity, home equity conversion became popular ever since, especially among SunTrust residents. Finally, FHA insurance program was signed and turned into law by U.S Congress in 1989. Since then, the seniors are able to directly tap into their home equity or get cash. Today, SunTrust reverse mortgage becomes a favorite product offered by SunTrust aside from the other home loan products.
As we know, SunTrust as one of mortgage lenders provides several programs and services as your financial assistant, specifically for home purchase. Not only SunTrust reverse mortgage, there are some other available programs to help you out. Let’s mention the fixed rate, adjustable rate and jumbo rate programs that allow the borrowers to choose according to their budget and financial capability. Offering competitive rates for fixed rate program, you can get 10 up to 40 years as payment terms.
How can you get SunTrust reverse mortgage? If you are interested to join the program, you may contact the officer for further information. Please feel free to call the phone number at 800-330-4684 and ask anything you need to know about the program. The customer service will be really happy to help you. The other way, simply access the official website of SunTrust and find any information that you want. Trust your home loan to SunTrust for your peace of mind!