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Turning Leads Into Applications

Over the past couple of years, the reverse mortgage industry has seen an influx of “lead generation” companies to assist lenders with their marketing efforts. Through legal channels, these companies obtain consumer information, such as mailing addresses, phone numbers, and e-mails. This information is sold to reverse mortgage lenders seeking to market their services to prospective clients. Types of leads you can purchase Historically, lenders have generated reverse mortgage leads through networking with elder law attorneys, CPAs, and other similar professionals—and from referrals.

Category: Reverse mortgage

"My wife is Under 62, can I still do a reverse mortgage?"

I am 68 years of age, married my wife about three years age. I had my house before I got married. My wife is 54, can I still do a reverse mortgage? And if so how will it affect her? Her name is not on the deed. Gregory N. Hi Gregory, Firstly let me say that as of August 4, 2014, this is completely different than it used to be and so anything you read that is dated prior to this time is no longer applicable.   The internet is a wonderful place to get information, but unfortunately, old information is often still available in archives that are still available on searches and this is one of those areas that can be confusing if you compare old information to the current without realizing it’s changed.

Category: Reverse mortgage

Mortgage Amortization

Excel Mortgage Calculator #mortgage #preapproval http://mortgage. remmont. com/excel-mortgage-calculator-mortgage-preapproval/ #mortgage calculator excel # Excel Mortgage Calculator Using the Excel Mortgage Calculator Template In order to use the above Excel Mortgage Calculator, simply enter your mortgage details into the pink-shaded user-input fields (shown on the right above ). The details required are the loan amount, the interest rate, the number of years over which the loan is taken out… Ameriquest settles 29 class-action lawsuits #mortgage #amortization #tables http://mortgage.

Category: Reverse mortgage

Security and Privacy

Call (800) 401-8114 At One Reverse Mortgage, we have dedicated ourselves to revolutionizing the home loan process and helping individuals use their home financing options as a tool to manage their financial lives. In that effort, we respect and protect the privacy of those who visit or use our website. When we collect information from you, we want you to know how it is used. To demonstrate our commitment to fair information practices, we have adopted leading industry privacy guidelines. One Reverse Mortgage does not share your personal information with outside companies for their promotional use.

Category: Reverse mortgage

Reverse Mortgage

A reverse mortgage is a special type of home loan, designed for people 62 years and older, that lets you convert a portion of your home’s equity into cash, all while maintaining ownership of your home. In addition to meeting the age requirement, you must be living in a single family home, as your primary residence, with homeowner’s insurance. Through a reverse mortgage, lenders make a tax-free payment or payments to the borrower, as opposed to the borrower making monthly payments to the lender. This can be done in a few different ways, including: Full or partial lump sum payment Line of credit Monthly payments Combination of the above AdvantagesThere are many benefits of a reverse mortgage: Own your home and retain the title, as long as you remain current on taxes, homeowner’s insurance and comply with the loan terms Make no payments, if you comply with the loan terms and requirements Use the tax-free money available to you however you’d like: pay off credit card debt, pay for senior care, or even home modifications Pay off an existing mortgage Make your retirement savings last longer What you need to knowDuring your reverse mortgage loan period, your obligations are to pay for: Homeowner’s insurance Property taxes Basic home maintenance The loan becomes due when the last borrower: Sells or transfers the home Passes away Does not pay home taxes and insurance Leaves the home permanently or for more than 12 consecutive months No longer occupies the home as the primary residence Defaults on the loan terms The mortgage is repaid once the last borrower has sold the home or passes away.

Category: Reverse mortgage

Q&A: Reverse Mortgage Funding’s Rise from Startup to Industry Leader

Like most other industries, the reverse mortgage mortgage industry cannot operate in a silo. Growing the marketplace not only depends on more eligible borrowers using reverse mortgages, but also relies on educating the financial professionals who help these older homeowners navigate their retirement years. Few industry leaders are tackling this goal as comprehensively as Reverse Mortgage Funding LLC (RMF). In the few short years since its initial launch, the Bloomfield, N. J. -based lender has grown from startup company to one of the reverse mortgage industry’s largest participants.

Category: Reverse mortgage

Find top reverse lenders in Alabama

What is a reverse mortgage? HECM stands for home equity conversion mortgage. Reverse mortgages allow for seniors to release a portion of the home’s equity to eliminate any existing mortgage payments. HECM’s are unique in that there are no monthly mortgage payments required – no other program has this unique feature.   More than 600,000 seniors have taken out a reverse mortgage loan to improve their retirement, your not alone. Compare HECM loans in Alabama for free with RMLD – Let us find you the best HECM program. Seniors in AL qualify for a reverse mortgage if… they are 62 years of age or older own their homes have equity available in the property can afford to pay for the home’s property taxes and insurance have never defaulted on governemnt insured loans I qualify for the HECM reverse mortgage how does this program improve my retirement? improve your retirement qualify by having access to your equity today no more mortgage payments while you are living in the home interest rates are at all time low’s ability to spend the equity as you wish – no restrictions are placed on the funds no taxes are applied to the equity you release “There is no other program which allows seniors to access their home’s equity without having payment in retirement.

Category: Reverse mortgage

Reverse mortgage disadvantages and advantages |

By: Amy Fontinelle, March 23rd 2017 Wondering about reverse mortgage disadvantages and advantages? Reverse mortgages are perhaps better known for the former than the latter. They can be hard to understand, the fees and interest consume a substantial portion of the homeowner's equity and they've been used in home repair and investment scams to steal money from unwitting seniors. But when used by homeowners who understand what they're signing up for, reverse mortgages can be a valuable retirement tool. The typical American's net worth is largely tied up in home equity.

Category: Reverse mortgage

Reverse mortgage, owner died, house abandoned, how to buy? (RE agent, appraised, foreclosed) - Foreclosures, Short Sales, and REOs - - City-Data Forum

01-05-2014, 03:12 PM   Location: Moku Nui, Hawaii 8,165 posts, read 15,300,452 times Reputation: 6295 About four years ago, the owner of the house next door died. She had just gotten a reverse mortgage on it about a year before. Her heirs didn't want to buy the house back from the mortgage company and the house has been sitting empty for four years now. We have finally tracked down the financial institution who currently holds the mortgage, but we haven't contacted them yet. We want to buy the house, what's the best way to go about it? There must be some benefit the financial institution gets from holding onto the house, although they have to pay property taxes on it and it isn't making them any money from rents or anything else we can see.

Category: Reverse mortgage

Federated Lending Corporation

Borrowers must qualify for a home equity line of credit (HELOC) based on their credit and income.   The reverse mortgage line of credit is GUARANTEED. There is no such guarantee with a HELOC. In fact, with a HELOC, the bank can reduce or close the credit line at any time. This happened a lot after the real estate crash in 2008. The lender CAN NOT reduce or close the reverse mortgage line of credit, unlike with a HELOC. As long as the borrower meets the requirements or a Reverse Mortgage, the amount available to the borrower in the reverse mortgage line of credit increases every month.

Category: Reverse mortgage

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