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Brittney Parks
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Joined EzineArticles on Oct 19, 2011 Reverse Mortgage Information: Selling the Home After a Reverse Mortgage
Finance: Loans • Published: January 18, 2012
Before getting a reverse mortgage, seniors should take advantage of all the reverse mortgage information available to them. One subject commonly missed by seniors seeking reverse mortgage information is the topic of repayment. While it is true that seniors can defer repayment until they die or sell their home, a reverse mortgage will eventually become due. When this time comes, both borrowers and their heirs should know how to handle this important step in the loan process.
The Importance of Choosing the Right Reverse Mortgage Lender
Finance: Loans • Published: November 9, 2011
According to a recent survey conducted by Harris Interactive, 40% of homeowners do not compare different lenders when obtaining a home loan. From this information, it is safe to assume that these consumers are also dropping the ball when it comes to searching for reverse mortgage lenders.
Important Reverse Mortgage News for Potential Borrowers
Finance: Home Equity Loans • Published: November 8, 2011
Reverse mortgages are a popular way for seniors to pay off their home loan, reduce debt, and supplement their income during retirement. The eligibility requirements for these loans are fairly simple. However, reverse mortgages, specifically federally-insured Home Equity Conversion Mortgage loans (HECMs), might be subject to a few important changes.
What Is a Reverse Mortgage?
Finance: Home Equity Loans • Published: November 8, 2011
In the past ten years, reverse mortgage loans have hugely increased in popularity. In 2009, which was the biggest year for the reverse mortgage, 114,692 loans were used by consumers. This remarkable increase in popularity has many consumers wondering what is a reverse mortgage?
Understanding Reverse Mortgage Rates
Finance: Home Equity Loans • Published: November 8, 2011
While most consumers understand how interest rates impact traditional mortgage loans, many fail to understand the importance of reverse mortgage rates. As with other mortgage loans, reverse mortgages are given either fixed or variable interest rates. These rates are important for several different reasons.
Reverse Mortgage Information and Current Trends
Finance: Home Equity Loans • Published: October 26, 2011
While the first reverse mortgage was granted in 1961, Home Equity Conversion Mortgage (HECM) loans have only been available since 1989. Since that time, over 660,000 HECM loans have been given to consumers, 74% of which were funded in the past five years.
Reverse Mortgage Information: Are Reverse Mortgages in Danger?
Finance: Loans • Published: October 26, 2011
In February 2011, Bank of America made the decision to stop offering reverse mortgages to their borrowers. A few months later, Wells Fargo and SunTrust followed suit. These lenders made their decision after reverse mortgages failed to bring in profits comparable to other loan products.
Reverse Mortgage Information: Understanding the Different Types of Reverse Mortgages
Real Estate: Mortgage Refinance • Published: October 26, 2011
Many consumers are under the impression that there is only one type of reverse mortgage. A reverse mortgage is a loan that allows consumers, ages 62 and older, to withdraw a portion of their equity. While all reverse mortgages work similarly, there are three different types of these loans: single-purpose, private, and government-funded.
Reverse Mortgage Information Potential Borrowers Must Know
Real Estate: Mortgage Refinance • Published: October 25, 2011
A reverse mortgage is a unique type of loan that actually pays the borrower. These loans allow borrowers to access a portion of the equity in their home, which they will receive as a lump sum, in installments, or as a line of credit. Unlike other loan types, a reverse mortgage will not become due on a specific day.