“A reverse mortgage means you don’t make any payments, and the loan balance increases each month,” says Steve Hill, a mortgage broker at SBC Lending in Redondo Beach, California. “So, the loan balance gets higher each month instead of lower — it goes in reverse.” The money that a...
“A reverse mortgage means you don’t make any payments, and the loan balance increases each month,” says Steve Hill, a mortgage broker at SBC Lending in Redondo Beach, California. “So, the loan balance gets higher each month instead of lower — it goes in reverse.” The money that a...
Often stated, the reverse mortgage is expensive and the fee the originator makes is part of the reason. Originating reverse mortgages is not as easy as one, two, three but a very time consuming process whether one is a retail officer (works directly for the lender) or a broker (one who...
doi:urn:uuid:2d861bd3cd5a2310VgnVCM100000d7c1a8c0RCRDAARP filed a class action lawsuit against Wells Fargo Bank and Fannie Mae in connection with the foreclosure and eviction of reverse-mortgage borrowers and their survivors.Fox Business
Sometimes we talk with family members or have anadditional 1 to 2 hoursface-to-face with prospectandtheir family. If one is doing the HECM for Purchase, using the reverse mortgage to purchase a new home, we also meet with the real estate agent, building contractor, etc. –additional 1 to...