- American mortgage
- Bank mortgage
- Chase mortgage
- First mortgage
- Home mortgage
- Mortgage broker
- Mortgage brokers
- Mortgage calculator
- Mortgage company
- Mortgage complaints
- Mortgage interest
- Mortgage jobs
- Mortgage lenders
- Mortgage payment
- Mortgage rates
- Mortgage reviews
- Mortgage services
- Refinance mortgage
- Reverse mortgage
HUD Releases Reverse Mortgage Financial Assessment to Take Effect March 2015
The Department of Housing and Urban Development has issued a financial assessment for reverse mortgage borrowers that will take effect for all case numbers issued on or after March 2, 2015. The financial assessment is detailed by HUD through Mortgagee Letter 2014-22 published Monday. For borrowers who do not demonstrate their willingness to meet their loan obligations, life expectancy set-asides—full or partial—will be required. “The mortgagee must evaluate the mortgagor’s willingness and capacity to timely meet his or her financial obligations and to comply with the mortgage requirements,” HUD writes in defining the purpose of the financial assessment.
Equipoint Financial Network, Inc. - Wholesale, Net Branch Operations
Update - 2009-06-05: Equipoint Financial Network, Inc. has successfully completed their restructuring plan under Chapter 11 of the U. S. Bankrupcty Code, and effective 2009-06-09 will be free to "operate its businesses and may use, acquire and dispose of property free of any restrictions of the Bankrupty Code. " An official discharge by the Court was not yet available, but the Order confirming the plan was filed on 2009-05-27. President of the restructured firm Bruce Barnes provided us with the following statement: "As outlined in the June 2008 filing, the previous management team filed for the Chapter 11 BK and then resigned from the company.
Reverse Mortgages: An UberNerditorial
byTanta on 5/28/2007 08:45:00 AM I’ve never written about reverse mortgages before on this blog, in part because they aren’t usually included in the category of “toxic” mortgages. Reverse mortgages are most assuredly weird, compared to your bog-standard “forward” mortgage, and “exotic” might apply, but they aren’t “toxic” in the same way that interest only, negative amortization, and “exploding” ARMs are. I can imagine reverse mortgages becoming toxic, however, and that should concern us all. The toxicity of the IOs and OAs, for instance, is largely a matter of a product that made some required daily allowance of sense when it was offered to a highly affluent and financially stable borrower class, but that indeed became worrisome as a “middle market” mania and an outright horror as an “affordability” boost.
Myths of Reverse Mortgages
There are 8 common myths about reverse mortgages: 1. A reverse mortgage sells the home to the bank Lenders are not in the business of owning homes — they wish to make loans and earn interest. The homeowner keeps the title to the home in their name. What the lender does is add a lien onto the title so that the lender can guarantee that it will eventually get paid back the money it lends. 2. Heirs will not inherit the home The estate inherits the home as usual, but there will be a lien on the title for the amount of the reverse mortgage loan plus any accrued interest and mortgage insurance premium.
Applying for an FHA Loan Following a Deed-In-Lieu of Foreclosure
FHA. com is a private company, is not a government agency, and does not make loans. January 2, 2016 - There are plenty of future FHA loan applicants who want to know about the possibility of getting an FHA home loan when there is a deed-in-lieu of foreclosure (DIL) action on the applicant’s credit history. One common question in this area involves whether or not a DIL is considered a negative on your credit report. This question most likely arises because of use of a DIL as an alternative to foreclosure. Everyone knows foreclosure is a bad credit issue--is a DIL also a credit negative even when used to avoid foreclosure? The short answer is yes, a deed-in-lieu is considered a negative on a borrower’s credit report.
GMFS | Louisiana home loan mortgage lender ranked 4.78 stars
Founded in 1999, GMFS Mortgage has grown to be a GREAT mortgage company powered by GREAT people who are CHANGING LIVES and committed to even GREATER mortgage solutions. Video: Introduction to GMFS Mortgage GMFS Mortgage offers a wide variety of residential mortgage products including Conventional, Jumbo and Government programs such as FHA loan, VA (Veterans) loan, USDA (Rural Development) loan and Home Equity Conversion Mortgages (HECM) also known as reverse mortgages. This allows your experienced GMFS Mortgage Banker to help you determine the right home loan solution for your specific situation whether you want to purchase a home, build or renovate your dream home, buy a second/vacation home, refinance your mortgage or take advantage of government programs for seniors to leverage the equity of your home through a reverse mortgage.
I am very impressed with the extent of professional attention to my loans. I am very pleased with the attention to customer service and the importance to detail and prompt turnaround time. I look forward to many further accounts. Marnie LauterVice President Mortgage BankingI have used Boston National for almost 2 years now and I have had nothing but great experiences. They have closed numerous residential and commercial loans for me. Their prompt responses to requests for title work or preliminary HUD�s are phenomenal. With all of the Title Companies to choose from, I choose Boston National Title any time I can.
A Smarter Reverse Mortgage | HecmSaver.com
The Home Equity Conversion Mortgage (HECM or "Heck-um") is the name that HUD uses for their reverse mortgage product. The HECM "Saver" program was a product that was previously available to borrowers who, for consideration of a much lower initial mortgage insurance premium, would receive a lower benefit amount under the program. While HUD had an initial charge for Up Front Mortgage Insurance Premium or UFMIP (now called Initial Mortgage Insurance Premium or IMIP) of 2. 0% of the property value for a Standard HECM Loan, the Saver program offered borrowers lower amounts but at just.
10 Reasons Why a Reverse Mortgage is a Safe Financial Tool
The reverse mortgage has come a long way from its inception in 1961. Through all these years, there have been many misconceptions about what the product is and does. The truth is, in present day, the reverse mortgage is an ethical product with the simple intention to help seniors age in their homes. Most negativity about reverse mortgages stemmed from certain practices in the 1980s, when the product was not yet fully monitored by the U. S. Department of Housing and Urban Development (HUD). However, since then, the reverse mortgage has become one of the most heavily regulated and safest mortgage products available on the market.
BALANCE: The Basics of Reverse Mortgages
The Basics of Reverse Mortgages Are you a senior homeowner in need of greater cash flow? If so, you may have a way to use the equity you’ve built in your home without having to take out a second loan – or sell your property. It’s called a reverse mortgage, a unique type of loan that can be an excellent way to improve your overall financial picture. The Benefits The word “reverse” says it all: rather than making monthly mortgage payments, you receive them instead. The cash payments are tax free, and in most cases have no effect on your Social Security or Medicare benefits.