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Reverse mortgage

RMS President Ousted in Major Walter Leadership Shake-Up

The president of top-10 industry lender Reverse Mortgage Solutions, Inc. (RMS) was released from the company this week as part of a larger leadership shake-up at parent company Walter Investment Management Corp. (NYSE: WAC), sources close to the company have confirmed. Among nine executive departures effective Thursday, former RMS President Christopher Mullins will no longer be with the company. He will be replaced by Walter executive Jeff Baker, who will report to Walter’s new CEO as of August, Anthony Renzi, sources have confirmed. Along with Mullins, other departing Walter executives include David Schneider, president of Walter’s Ditech Financial LLC business; as well as Sheryl Newman, Greg Williamson, Steve Stein, Rich Smith, Jim Van House, Arlene Hyde and Catherine French.

Category: Reverse mortgage

First National Bank of Layton Ratings & Reviews

When we initially sat down for a mortgage were were quoted at 3. 25% with closing costs of $600 after applying all lender credits. Later we locked the rate in at 45 days at 3. 25% which at a 45-day lock the lender credits went down some and we were told we'd need to come in with $1,200 for closing costs. We had to submit documents more than once and when we got to ourfinal closing disclosure the amount was now $2,200 for closing. We asked why the change and were assured it would be corrected. On October 17th our closing day the amount hadn't been corrected so I went into the branch in person to ask the mortgage officer's assistant to look into it which I was told they would.

Category: Reverse mortgage

Reverse Mortgage Payment Options

Payment Option Definition Pros Cons Line of Credit-You access funds at your discretion. 1) Flexibility-You can access funds as needed. 2) Growth feature-The unused balance grows. This does NOT mean you are earning interest. The growth factor takes into consideration that your home has appreciated in value over the past 12 months and that you are one year older. 1) The funds in the line of credit can be exhausted. If that happens, one option may be to refinance your reverse mortgage to gain access to additional funds. 2) To access funds, you must submit a written request to the loan servicer managing your account.

Category: Reverse mortgage

What is Elder Financial Abuse – CANHR

A Reverse Mortgage is a type of loan for homeowners 62 years of age or older who have considerable equity in their houses. Typically, borrowers receive periodic payments, e. g. , monthly, and/or have access to a line of credit and make no more mortgage payments during their lifetimes. The loan is paid off when the loan holder enters a long term care facility or dies and the house is sold. What You Need to Know About Reverse Mortgages Where to Report Elder Financial Abuse: Consumer Scams: Contact the county office of the District Attorney—check California District Attorney's Association for current addresses and phone numbers at 916-443-2017 or www.

Category: Reverse mortgage

AAG Debuts First Reverse Mortgage TV Spot Featuring Tom Selleck

This week, Emmy and Golden Globe award-winning actor Tom Selleck will appear before national television audiences when the first commercial airs featuring him as a reverse mortgage spokesman for American Advisors Group (AAG). The new TV spot, which began running across cable and national TV networks Monday, is titled “Too Good to Be True,” and features Selleck ambling room-to-room in a lofty apartment home, letting viewers know that reverse mortgage misperceptions are far from the truth. “I know what you’re thinking. I thought what you thought: some things are just too good to be true,” Selleck says in the commercial’s opening seconds.

Category: Reverse mortgage

Who pays property taxes and insurance on a reverse mortgage?

The normal way is for the reverse mortgage homeowner to pay their own taxes and insurance EXCEPT if you do not meet theresidual incomeor credit requirements of the program. And then, instead of an automatic declination if your income or credit does not meet the requirements like a typical loan, then there is a second opportunity with a Life Expectancy Set Aside (LESA) wherein the funds are set aside to pay the taxes and insurance from the loan proceeds and you can still get the loan. Now, before you think that a LESA is a really bad thing, let me explain it a bit further and then you might see why a number of borrower actually request it after they get all the facts.

Category: Reverse mortgage

Updated reverse mortgage guide: Two things you should know | Consumer Financial Protection Bureau

More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that. Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the home, move out, or die. It’s a complicated type of loan that works best for homeowners who carefully consider all of their options. Things to consider Before borrowing, seniors and their families should consider: The cost of homeowners’ insurance and taxes Plans for staying in the home or leaving it to family members Plans for dependents or others living in the home Alternatives to reverse mortgages Because some important things about reverse mortgages have changed recently, we’ve updated our guide to reverse mortgages.

Category: Reverse mortgage

Reverse Mortgage on Rental Property

Can I take out a reverse mortgage on a rental property? This is one of the most frequently asked questions regarding Home Equity Conversion Mortgages (HECMs), a. k. a reverse mortgages. It is also one of the most frequently misunderstood questions by both potential borrowers and even industry professionals.  While you can find a great deal of information on reverse mortgages by searching through articles and blogs, you should know that not every website or publication will provide a detailed answer to this question – and when it comes to reverse mortgages, it’s all in the details.

Category: Reverse mortgage

Introducing HomeSafe® - FAR

This material is not from HUD or FHA and has not been approved by HUD or any government agency. FAReverse LLC i/l/t/n Finance of America Reverse LLC is Licensed Mortgage Banker in the State of New York, but this website has not been approved by the New York State Department of Financial Services. Until this website is authorized by the New York State Department of Financial Services, no mortgage loan applications for properties located in New York can be accepted through this site. Finance of America Reverse LLC NMLS #2285 (www. nmlsconsumeraccess.

Category: Reverse mortgage

4 Questions a Reverse Mortgage Counselor May Ask

Working with a reverse mortgage counselor is one of the requirements of borrowers that wish to gain access to a reverse mortgage. During this counseling process, the counselor is going to cover a variety of different topics. Here are some of the questions that you might hear during a session with a reverse mortgage counselor. 1. Do You Understand How the Program Works? It is the job of the counselor to make sure you understand everything about the reverse mortgage program. They are going to quiz you to make sure that you understand the basic process that is involved.

Category: Reverse mortgage

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