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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
Qualify for FHA loan
We want to buy a home immediately after we finish saving up for a down payment and closing costs. We have good income. Apart from this, my credit is good 660 and more but my husband has a low score around 630. Apart from that, he also has other collections!! I want to know if the old debts will create problem for us in qualifying for a FHA loan. Or should I apply alone for the loan?
Possibility of getting a mortgage?
Im a first time home buyer thinking of getting a mortgage this summer and was wondering if i had a chance of approval. I am 21, been working at the same place for 2 years making 28k a year(gross). My credit score as of now is in the high 600s with a lot of debt that i am going to pay off before i submit my app. My fiancé is 20 and has been working in the same occupation for over 2 years and has only had a small credit card limit for 3 years. She makes 32k a year(gross). What are my chances with...
Transferring ownership of property to my sister
My mother died in 2010 and left her Florida condo to my sister and myself. In 2011, probate was completed and my sister and I now own the property. We tried to sell it with no luck. My sister decided we should rent it out since expenses were so high. She is handling everything since I live in another state.
The condo is worth no more than $35K. I would like my sister to own the condo outright so I do not have any involvement--she is doing a lousy job of managing the rental and keeping re...
Quitclaim deed
i moved into my dads house about 3 years ago to help him out--in 01/2011 he had a stroke/dementia and went into a nursing home---my brother had power of attorney----both my brother and i are to split everything 50/50--in july he did a quitclaim deed putting his name on the deed and leaving me off---dad passed away in 11/2011--he now wants me out of the house----
charge off on 2nd mortgage making payments
My equity loan/2nd with B of A was charged off in Nov. of 2009 I beleive, and I've been making payment to B of A in NC, I believe their collections dept, where I let them take money directly from my checking account, since then; however recently I have a new account representative who called, and says that they no longer will accept the amount of the payments I've been making, but need quite a bit more now. I'm not able to make payments in the amount that they're requesting, and be able to pay ...
foreclosure and mortgage
The real estate business can give you unique benefits like price appreciation. In the short term, the market may go up or down, but over the long term, you will have a safe investment because holding on to your property will almost guarantee an increase in value. Having a large portfolio of properties is a key secret to building massive wealth.You will find out that there is huge profit in dealing with undervalued foreclosure property and the statistics now show that out of every one hundred mo...
Dismiss Chapter 13, want to save car
Hello? as per the advice of my attorney, I am letting my Chapter 13 bankruptcy to get dismissed. The only debt I had was some credit cards and my car; I was NOT behind on anything. The attorney convinced me a Ch 13 was the way to go. After filing, I missed one payment and now I'm in a 9-month-doomsday period. I won't be able to pay this coming month due to medical bills so he advised I stop paying and let my case get dismissed. My ONLY concern at present is losing my car; I called the bank an...
should i refi or pay down
We have 12 years left on our 15 year loan at 4.375%. We can get a 3.25% loan with $5K in closing costs. Is this a good idea?
GOT FORM 1099A
i received a 1099a form from the mortgage company on 1-2-12 i filed chapter 7 bankruptcy in 2010 i got my discharge papers in july 2010. is this the correct form or should i have gotten 1099c i`m very confused please help!!!!!
Credit card balances reported just once a month
Are my credit card balances/payments reported to EQ/TU/EX just once a month or are the balances daily updated with the CRA?
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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