There are several concerns among lenders when it comes to the decision to offer reverse mortgages. focus group that presented a reverse mortgage versus a home equity line of credit but left the.
What Is A Reverse Mortgage? A Reverse Mortgage FAQ These are common questions people have regarding reverse mortgages. See your mortgage broker or real estate attorney for more specific information. What is a Reverse Mortgage? A reverse mortgage uses part of a home owner’s equity to provide immediate cash to the home owner.
Reverse mortgages can be a good way for income-starved seniors to gain extra cash, when going back to work is no longer an option or desirable. The loans, which enable homeowners to tap the equity in their dwellings, also can be complex and even lead to foreclosure.
· As a result, we hear from our Inner Circle members periodically asking whether a reverse mortgage would be a good way to tap into the equity they have built up in their homes. reverse mortgages in Canada let homeowners who are 55 years of age or older borrow on their home equity-the minimum age was 60 until a year ago.
That question should be answered by a loan officer that specializes in Reverse Mortgages. Also, you could check with a Real Estate Attorney. Personally, I do not think that there any conditions that you have to clear in order to sell a home with a Reverse Mortgage, providing that you pay your full debt at closing.
What Realtors Should Know When Selling Homes with Reverse Mortgages. When it comes to selling a home secured by a Home Equity Conversion Mortgage, open lines of communication between reverse mortgage servicers and Realtors are key to a successful transaction, according to several HECM and real estate industry professionals.
Experience United Wholesale Mortgage April 2015 – Present United Wholesale Mortgage October 2014 – march 2015 united shore august 2014 – October 2014 Shore Mortgage January 2013 – August 2014 One Reverse Mortgage, NMLS #2052 December 2010 – November 2012 Sears Holdings Corporation September 2005 – October 2009 US Army March 2001 – March 2005 skills reverse mortgages, Mortgage Banking, Mortgage.
What is Home Equity? For many homeowners, the equity they have built up in their home is their largest financial asset, typically comprising more than half of their net worth. Yet confusion persists about how to measure home equity and the tools available for incorporating it into an overall personal financial management strategy.