Nevertheless, you usually get a particular variety of years at the start of the loan duration during which the interest rate is fixed. For example, if you have a 7/1 ARM, you get 7 years at the fixed rate after which the rate can be changed when per year. This implies your month-to-month home loan payment could go up or down to represent modifications to the rate of interest.

If you're 62 or older and want money to pay off your home loan, supplement your earnings, or spend for health care expenses you may consider a reverse mortgage. It enables you to convert part of the equity in your house into cash without having to offer your house or pay additional regular monthly bills.

westland court phone number