“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...
AARP also offers information on alternatives to reverse mortgages, such as selling and moving, warning that if you enter a reverse mortgage, the equity in your home may not be available when you need it. AARP also advises that the money pulled out of the house be used wisely....
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...
To help you understand the work and time we, as reverse mortgage expert originators, put into originating and processing a reverse mortgage let me walk you through an outline and approximate time involved. Note: While you may not read the outline word for word (yes, it’s long), you’ll...