Mortgages & Home Equity
We're a Home Lender You Can Trust
Dear Member,
We have good news if you need a home loan--to buy, refinance, or tap home equity.
You've seen a lot of news about the slumping housing market and its effect on access to affordable mortgages. The headlines and news reports sound ominous. Read between the lines, and you see that this also is a time of opportunity for borrowers with stable habits and clean credit records. That means you.
Some lenders got into trouble with risky types of loans. And sadly, some lenders made loans that were not in the best interest of the borrower--just to get a loan on the books. The very good news is that Clinton County Federal Credit Union doesn't operate that way, so our ability to make home loans and serve members is in great shape.
Clinton County Federal Credit Union is a member-owned, not-for-profit cooperative. We don't make business decisions that benefit the bottom line but hurt the consumer. Frankly, it makes us your best source for home loans across the board:
- Fixed-rate and adjustable-rate loans to buy a house
- Fixed-rate and adjustable-rate loans to refinance an existing mortgage
- Fixed-rate home equity loans
- Adjustable-rate home equity lines of credit
More good news: Home loan rates still are relatively low. Call 989. 227.3726 today to talk to Amy Bowen, Mortgage Manager. We don't make headlines, but we sure do make home loans.
Sincerely,
The Board of Directors & Management Team
Amy Bowen is on hand to help you with all of your mortgage needs. CCFCU has gone to all of our mortgage service providers and negotiated the very best rates and fees around. We offer everything from first time home mortgage to reverse mortgages. Call Amy today - you'll be glad you did. 989.227.3726 or send your questions to Amy at amy@clintoncountyfcu.org
Home Equity Loans
Turn the equity in your home into cash to meet many purposes: educational costs, debt consolidation, home improvement, and much more.Homeowners can borrow up to the appraised value of their homes.Call us for details on our fixed rate and variable rate plans.
Reverse Mortgages
HECM (Home Equity Conversion Mortgage)
- Insured by the Federal Government
- FHA (Federal Housing Administration)
- HECM's account for 95% of reverse mortgages
A Reverse Mortgage is a loan:
- against the equity in the home
- that provides tax-free cash advances
- that requires no payments
- that is not due and payable until the borrower no longer occupies the home as a principal residence
- that no matter how high the loan balance grows, the borrowers or their heirs never owe more than the home's market value.
Reverse Mortgage Requirements:
- you must be at least 62
- own your own home or condominium
- there are no income requirements
- there are no credit requirements
- you may be eligible for a reverse mortgage even if you still owe money on your first mortgage
The Proceeds from a Reverse Mortgage can be used for anything:
- daily living expenses
- home repairs and home improvements
- medical bills and prescription drugs
- pay-off of existing debts
- travel
- long-term health care
- retirement and estate tax planning
- and other needs you may have.
The Proceeds are available as:
- a lump sum
- fixed monthly payments for as long as you live in the home
- a line of credit
- or a combination of these options
The Amount that You Qualify for:
- will depend on your age
- the value of your home
- current interest rates
- the older you are and the greater your equity, the larger the reverse mortgage benefit will be.
Independent Reverse Mortgage Counselor.
- You must meet with an independent reverse mortgage counselor. The counseling session is free and can be done in person or over the telephone.
Is a reverse mortgage right for you?
- Do you worry about out-living your assets ?
- Are you prepared for a retirement that could last 30 years?
- Do you have Guaranteed Income for essential expenses?
- Would you prefer to stay in your home ?