Insured mortgages are unique in that they are protected by a type of mortgage insurance through the Federal Housing Administration (FHA) or another private mortgage insurance company. With this insurance, borrowers are protected if they ever happen to default on the loans. If the borrowers do default, the insurer is to pay the mortgage lender the insured amount of money from the mortgage.
There are three main types of insured/regulated mortgage programs offer through Avrus Financial SM:
- FHA Home Loans: This type of insured mortgage program allows for easier and less expensive financing than a traditional mortgage. For instance, the Florida and Georgia FHA home loans require only a minimal down payment and closing cost, and zero cash reserve. This program also offers borrowers the convenience of streamlined refinance, one of the cheapest and easiest home loans one can get fast.
- VA Home Loans: These Florida and Georgia home loans issued by private mortgage companies to veterans, are guaranteed by the VA (Veteran Affairs) therefore reducing the lenders’ risk and losses in the event of a foreclosure. Veterans and active military members can also refinance their homes for a lower interest rate or cash.
- Reverse Mortgages: Reverse Mortgages are unique in that they are used to help retired individuals and senior citizens access the equity from their homes to supplement their retirement needs. This type of mortgage offers senior citizens many benefits including the government standing behind it, zero payments need to be made, the ability to receive cash back, only a basic credit check is required, etc.