Reverse mortgage advocates, however, say the product is more flexible than HELOCs or the other options for tapping equity — downsizing. To qualify for a HELOC, borrowers must often demonstrate a steady income stream, something that most retirees don't have. And a HELOC can be canceled at a...
Written Confirmation from Rating Agency (if applicable) As discussed above, depending on the size of the mortgage being defeased, the size of the pool of loans, and other factors, a borrower may need one or more rating agencies to review the defeasance transaction.36 If the release of the...