Reverse Mortgages, Everything You Need To Know | Bankrate.com – A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
Welcome to Florida Direct Mortgage Lenders – Most home buyers with all of there ducks in a row, it’s not far fetched to assume that you’re good-to-go with getting a conventional mortgage loan that conforms to all of today’s lending standards and guidelines. Think again. Many times once we review a borrowers credit history and financials. They could actually be a candidate for a non-conforming loan and don’t even realize it.
How to Find the Best Reverse Mortgage Lender | U.S. News – Although the loan has restrictions, it is a good choice for many seniors considering a reverse mortgage. The government limits the origination and servicing fees that can be charged for these loans. These loans are more standardized, so it’s easier to compare programs between different lenders.
When is a Reverse Mortgage a Bad Idea | Learn About These 6. – There are six situations when a reverse mortgage should not be used. Short-term needs. If you only need the money for a short period of time and then can repay the full balance, a reverse mortgage is not a good fit. The minimum recommended amount of time is five years.
Origination Pro – Power Tools For Sales Professionals – The one stop for all your training needs-from pre-licensing to leadership training. Includes the Certified Mortgage advisors certification curriculum designed for new and experienced loan officers.
Are Reverse Mortgages a Good Deal? | GOBankingRates – The Bottom Line. So, are reverse mortgages a good deal? If one will enable you to stay in your home for many years and you’re confident you’ll be able to afford the ongoing homeownership costs, it could be a good deal for you.
Are reverse mortgages really a good deal? | Yahoo Answers – A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.
Reverse mortgages, no longer an exotic loan product, have some pros and some cons for seniors – Homeowners can save a great deal of money by shopping around and comparing. before even considering reverse mortgages. However, reverse mortgages are a good option when you have equity in your home.
Home Equity Line of Credit – HELOC | The Truth About Mortgage – Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 13 years.