New American Funding
in Reverse Mortgages from New American FundingUnaffiliated
|Origination Fee ($)||N/A|
New American Funding Review
Where does New American Funding do business?
New American Funding is based in Tustin, CA. The company was founded in 2003 and offers reverse mortages in 48 states (and Washington, DC).
What types of reverse mortgages does New American Funding offer?
New American Funding allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
What fees does New American Funding charge for a reverse mortgage?
New American Funding may charge a loan origination fee.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia