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Below, you'll find extensive information
on leading reverse mortgage brokers articles and products to
help you on your way to success.
Why Reverse Mortgage Brokers Can Make Or Break Your Retirement
If you are a baby Boomer, you have either already reached retirement age, or will do so in a less time than you care to contemplate. And you may be joining millions of other retiring Baby Boomers who have come to realize that their retirement nest eggs will simply not be enough to fund their leisure years, and are turning to reverse mortgages to overcome their financial shortfalls.
The rising tide of demand for reverse mortgages has led to a rising need for ethical reverse mortgage brokers, and those reverse mortgage brokers serious about dealing with ethical reverse mortgage lenders will look for those who are members of the NRMA, or National Reverse Mortgage Association. Unfortunately, not all reverse mortgage brokers deal exclusively with members of the NRMA.
The Least You Should Expect
If you intend to rely on reverse mortgage brokers for information on the costs associated with a reverse mortgage, you need to be sure the brokers with whom you are dealing are ethical. The following is the minimum of information which you can expect from a reputable reverse mortgage broker:
First, many reverse mortgage application fees are not refundable, and you should determine ahead of time if yours will be. There will be an application fee associated with any reverse mortgage application, because that fee takes care of the costs of having your home appraised and your credit history checked to see if you are in default on any federally backed loans.
Second, as with traditional mortgages, there are closing fees on
short sell or forclosure?
Hoping someone could help? My new wife (i'm not on the mortgage) currently owes $95,000 in a 80/20 loan ($80,000 on the first and $15,000 on second). We want out of the house because the neighborhood is getting dangerous and most homes are now selling for $20,000. My wife can afford the house on her salary but doesn't want it. She's also pregnant! I own another home and have great credit and a great job. Can we get out of this house without her quitting her job? I'm thinking about trying a short...
title issue
me and my wife bought a build able lot 2 years ago. we split up but both weer on title. I built a house on the lot myself with my own money. the house is still not finished yet but i found out my wife allowed my son to use the house to get a loan and now its in foreclosure. I never signed anything that allowed them to use the house i paid for to build can they take my home i was never givin any of the loan documents never is my home going to be taken from me and all my money and work lost..
What are the options when two, unmarried people own a home a
What are the options when two, unmarried people own a home and one would like to leave?...My boyfriend and I purchased a house 4 years ago. The relationship has since ceased and I would like to move out and have my name and financial responsibility gone. Selling the home in this market would leave us both in debt, which I am ok with but he refuses. What are my options? Can I sell it without his ok? Can I just leave and have it go into foreclosure? Can he streamline the mortgage in his name...
What kind of professional do I talk to?
OK. I've posted before, but here's the short story again:
I own a house in Michigan. I live in Kentucky.
I have about 140,000 left on the mortgage, and the house is worth about 125,000 if I'm lucky.
So far, I've had no trouble paying the mortgage, because I've had a renter in there for two years. However, I just got a letter saying that she can't pay any more. Now my savings are being drained every month.
I'm not in danger of missing any payments, but I want to just GET RID OF ...
With rentals and primary house, foreclose on one, how to pro
With rentals and primary house, foreclose on one, how to protect the others?...I have two properties that I can't pay on anymore (a lot in N. Carolina (2000/mo) and a house that won't rent in Atlanta (700/mo)). I am negative every month and don't have much cash left. I co-own 8 additional rental properties in various states with renters in them and they break even. I also co-own my primary house in California. I live in California. If I do short sales on the lot and the Atlanta house and the ...
we are self-employed
being self-employed our income tax return shows our final profit as under 20,000 but you have to remember all of our bills are being paid out of the gross amount we do not give ourself paychecks all bills are paid out of the company it is just my husband and myself so this seems to be a problem with mortgage companies
we want the bank to take our house
We want the bank to take our house.(the one we are living in) We have had it for sale for two years. Can't sell it. We have another home that We want to move in to . what will happen. When the Bank sells this house, will they ask market value, or can they sell it for what ever they want too, than we have to pay the rest? The house is valued at 125,000 and we owe 114,000 . We feel we are paying on a dead horse. Can they take our money we have in the bank? What can happen. Please help, we can'...
Will it be to my advantage to pursue a deed in lieu once I h
Will it be to my advantage to pursue a deed in lieu once I have defaulted my first payment...I do have a refinanced loan (interest only) and was needing to default this month. Will it be to my advantage to pursue a deed in lieu once I have defaulted my first payment?
I owe $178,000 and I believe the fair market value is around $70,000.
1bdrm condo in Concord,ca ...or should I borrow a mortgage payment from my family to keep from defaulting before I start requesting a deed in lieu.
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i need forecloser help
hi to everyone .i was reading were you can have a judge put a stop on forecloser for 6months if this is true how do you go about it. any help please i only have 15 days left thank you
Is it possible to get FHA loan with score less than 580?
The lender we are working with won't use me on the loan because my score is a 537. My husband's is over 580 so they want to just use him. The only problem is that limits our purchase to $50000 or less. We did find a HUD home that we are bidding on for $50000 but if they don't accept it we will have to figure something else out. Any suggestions? I am trying to raise my score but it takes time. Thank you.
reverse mortgages, and several of them are due to the nature of the reverse mortgage process. You may choose either to pay the closing fees up front, or to add them to the balance of your loan. If you include them in your loan, they will be subject to the same rate of interest.
Your reverse mortgage will also be subject to an origination fee and ongoing service costs, but these will vary from lender to lender, so you should take the time to shop for the best reverse mortgage deal.
When you terminate your reverse mortgage loan, your home may have appreciated in value, or your lender may hold a share in its equity. Your lender, in either circumstance, will be legally entitled to a share of the sales value of your home beyond the balance of what is owed on the reverse mortgage.
All these fees are a normal part of the reverse mortgage process, and if you encounter reverse mortgage brokers unwilling to mention or clarify them, consider it a red flag. Ethical reverse mortgage brokers will never attempt to hide things and manipulate your unfamiliarity with the process, but there are unethical ones who can and do.
Your Future Is Your Responsibility
Your financial future is in the hands of the reverse mortgage brokers, and dealing with an honest one can mean tens of thousands of additional dollars available to you as a lump sum, line of credit, or continuing monthly payments through the life of your reverse mortgage. Then you’ll be well on the way to retiring in style!
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