The following is a partial list of programs offered by Western Ohio Mortgage Corporation with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 800-736-8485 .
Reverse mortgage loans, also known as reverse equity loans, are only available to homeowners 62 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt. Reverse mortgage loans are great options for seniors looking to increase their monthly incomes. Contact us for more details.
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $726,200 loan limit. For information on qualifying for this loan program please give us a call today.