Where does NOVA Home Loans do business?
NOVA Home Loans is based in Tucson, AZ. The company was founded in 1980 and offers reverse mortages in 12 states in the USA.
What types of reverse mortgages does NOVA Home Loans offer?
NOVA Home Loans 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 NOVA Home Loans charge for a reverse mortgage?
NOVA Home Loans may charge a loan origination fee.
What types of property can you use as security for a reverse mortgage with NOVA Home Loans?
Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. NOVA Home Loans will consider lines of credit secured by the following property types:
- Primary home
- Secondary homes and vacation properties
Other Services by NOVA Home Loans
- New Mexico