(Miscellaneous Provisions) Act 1989, the creation of an equitable mortgage requires to be in writing and can, it would seem, no longer be effected merely by deposit of title deeds. To secure protection against bona fide purchasers, equitable mortgagees should ensure that their mortgages are ...
Home loans For seniors There’s no age that’s considered ‘too old’ for a home loan, but you may face tougher lending criteria. Refinancing You don’t have to stay with your current lender when refinancing – in fact, a competitor may offer you a much better rate. Fixed rate home lo...
The scammers help the homeowners obtain a special type of reverse mortgage called aHome Equity Conversion Mortgage(HECM) to pay for the house, then find a way to divert the proceeds to themselves. The seniors think they’re getting housing through aHousing and Urban Development(HUD) program whe...
Reverse mortgages offer many payment plans because senior homeowners have different financial needs. No particular option is universally good or bad. For some, the ability to tap a line of credit as needed might work, while others might prefer a fixed stream of monthly income payments. Still, a...
Don’t respond to emails offering money in exchange for “helping” an individual transfer money into the country. These are always scams and have proven to be very dangerous. Password protect your computer and your wireless internet. Use firewalls and virus protection software. ...
BLOG VIEW: On July 15, 2022, the U.S. Court of Appeals for the Ninth Circuit issued an unpublished opinion in the case Santoro v... Ashley Wood: Alternative Credit Data Could Help More Seniors Gain Access to Mortgages OriginationApril 4, 2023 BLOG...
it’s important to understand the circumstances under which a reverse mortgage may not provide financial security for life. Understanding how the different payment plans work and how you might prudently use the money is equally important. A reverse mortgage can actually help prevent seniors from run...
A reverse mortgage is a loan for seniors aged 62 and older that allows homeowners to convert some of their home equity into cash income. In a single-use reverse mortgage, borrowers must use these payments for a specific purpose that the lender approves. ...
a HECM—versus a privately sponsored reverse mortgage—will depend on the borrower’s age and how long the borrower expects to live in or own the home. Many types of reverse mortgages will exclusively target seniors with no requirements for repayment until the borrower sells their home or dies...