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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
fha 203k loan
Hi my name is Reuben. I have a property that I get rental income from and I want to purchase a house for me and my mother. The mortgage including taxes and insurance on the rental property is 1,920, and the mortgage for the property we want to purchase would be 1,850 including taxes and insurance. Our total income is 128,000 including 70 percent of the rental income, and our total dept would be 4,800 including both mortgages, taxes, credit cards, etc. Can we get an automated fha 203k loan approv...
home lone
i would like too know can you all healp me save my home/
Can you please provide advise for obtaining a new mortgage after chapter 7 bankruptcy, current home is discharged
I filed a Chapter 7 in Dec 2008. I petitioned to keep my house but everything was discharged and the house was not reaffirmed. I still make my monthly payments on time but have had so many problems with the house- I lost 1/2 of my home (Finished basement)when after a flood-the sellers did not disclose and hid black mold behind walls) 3 months to the day of purchase so I had been making due with 1/2 a home and gutted basement.
I was recently remarried, now a family of 4 and would like to star...
Can I sue my appraiser
We had owner financing for a townhouse for 1 year with a great or what I thought was a great deal. We put $50k down and 80% of the4 rent went to the principle for the first 6 months and 50% went to principle for the other 6 months.
After the year was up, I arranged with a local bank to finance the townhome.
They sent an appraiser and he came out and appraised the property at $330k
Now a year and half later I wish to refinance to get a much better interest rate.
I went to a large mortgage co...
Qualifying for mortgage AFTER unemployment ends
My wife andamp; myself, victims of Michigan economy, moved to Georgia and returned to the workforce in June 2010 after periods of unemployment. Myself-16 months straight, my wife-6 months out of the previous 24. We we told by several lenders that we had to work at new positions for six months to qualify for a mortgage. Quite a shock as we have no debts/loans and our credit scores range 795-820.
Does anyone know specifically when and where these regulations came into effect and where is the doc...
VOE
My husband recently quit his previous job (assumedly on good terms) to go work for the competition for better pay, perks, etc. We have to move because the new job is too far to drive daily. The loan officer is insisting on a VOE. Unfortunately the previous employer is quite ridiculous and vengeful and will now not sign the VOE form. Is there any way around this as we have provided paystubs and W2's showing he worked there for the past 2 years??
How to purchase a mobile home
Hi there!
I am looking for a mobile home to purchase in San Jose, CA. I've been looking at some of the MLS listings and I see some homes in the price range of $80K to $125K.
I currently live in Los Angeles and this will be my first home purchase. I make about $71K/year. I have no clue what the first steps are to get the ball rolling on a purchase.
Any help would be appreciate. I'm just a simple guy looking for some direction.
Thanks in advance!
Linh
Converting existing home to rental
I have a home on the market where we have about 10-15% equity. We are trying to sell the home so that we can purchase another more suitable for our family. I would prefer to be able to convert it to a rental and then purchase the second home. I am being told that FHA will not allow. We have about 5% cash to pay for down payment without selling our home. Do we have any options?
Difference
What is the difference, if any, between a quitclaim and title transfer? Is novation something that is beneficial to someone wanting to get a mortgage transferred?
Once the title forms are signed, does that person have anything to do with the refinance process?
Thank you!!!!
Inherited mortgage
Michigan - My inherited home was foreclosed on because the mortgage company refused to talk to me. Is a mortgage lender legally obligated to talk with me as the inheritor of my deceased parent's house and loan even though my name is not on the loan itself?
There are laws protecting me as an inheritor of the house and loan that say I can assume the loan and they can't do anything. Does that not then make them obligated by law to talk to me about the loan? The deed is my name. I had been payin...
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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