The basic idea of the reverse equity mortgage is to help senior citizens, who have modest income and who need extra disposable money, to get it from the equity of their homes. So these people have low monthly incomes but they own homes, where they have equity left. Okay and they must be age 62 or older.1. Property Types Allowed.A senior, who can become eligible for a FHA loan, has to own a manufactured home constructed after 1976, a 1- 4 unit...more
The great benefit of the reverse equity mortgage is, that you get cash money and you do not have to pay back anything before the loan will be closed. This happens, when you or the last home owner will move away or you will pass away and the home will be sold.There are three factors, which determine, how much you can get. Your age, the value of your home and the interest rates. We can say that the older you are, the valuable your home is and the...more
The basic requirement for the reverse equity mortgage is that a home owner, must be age 62 or over, own a home and to live there permanently, which normally means at least six months per year. It is natural, that there is equity left in the home, because that is the source of the money.The main benefit of the reverse equity mortgage loan is, that a senior can get cash money from the equity of his home. When he thinks about his needs, he can decide, whether he takes the money as a lump sum, as monthly payments, as a credit line or as a combination of all these.1.Shall I Remain As An Owner?Yes, you will. The reverse equity mortgage is a home loan, which you will take against the equity of the home. You will remain as an owner, which means that you must take care of all the insurances, taxes, repairs and to keep the property in a good shape. If you do not do those duties, the lender can close the loan and the home will be sold.Actually, there can be maximum three owners on the title, but all of them must fulfil the requirements and at least one of them must live in the home permanently. All owners have the same duties to take care of the home until the last owner will pass away or...more
There are a number of reasons why you might want to remortgage. A remortgage deal could allow you to release equity from your property, to take advantage of a better offer following a change in the base rate, to exit your current mortgage deal if the introductory rate is ending, or simply to reorganise your finances following a change in...more
The story of the collapse of the housing market is familiar to every American. How too many people took out subprime mortgages that they could not afford, and when home prices fell and adjustable interest rates rose millions of homeowners were forced into foreclosure. Today, many prospective homebuyers, especially those with poor credit, have heard...more
You own your own home and somehow you are able to make ends meet. The car payments, the credit cards, the store credit, and especially the mortgage -you juggle the bills and try to stay ahead. But despite your best efforts you have missed some payments and you know that you have a bad credit rating. Still, you wonder about your home mortgage. Are you paying too high an interest rate? Could you refinance and save money? But most of all, can you refinance if you have bad credit?The answer may be "yes," and you will have a greater chance of success if you follow these guidelines.1. Check your credit reports (you should do this once a year anyway). There are three companies that produce credit reports on individuals: Experian, Trans Union, and Equifax. According to federal law, you are entitled to see their reports once a year at no charge. You can learn how to do this by going to the website of the Federal Trade Commission at www.ftc.gov and clicking on "Consumer Protection."Check your reports for errors. If you find an inaccuracy, federal consumer protection laws require creditors and credit bureaus to respond to a notification in writing. Send your creditor a certified letter...more
There are many financial service providers in Brisbane, Australia who offer short term, caveat, bridging, 1st and 2nd mortgage finance. These service providers arrange finance for a wide range of applications viz:- Business working capital- Purchase...more
A cash out refinance can be a great, low interest, way out of debt, but it's not something that should be done lightly. Because of the risks involved you want to look at your options, and your budget, very carefully before making this decision....more
There is no doubt about it that the mortgage market is hopping right now. Between first time buyers hoping to take advantage of the low interest rates and high availability of desirable homes to existing borrowers looking to refinance, lending...more
While every homeowner knows what a mortgage is, there are those who have only heard the term in movies, television, and commercials, but don't really understand what a mortgage is really all about. So, we'll start from the very beginning. Simply put,...more
One of the easiest and cheapest ways to get out a possible foreclosure situation is to secure a home loan modification. As a matter of fact, with mortgage modification you can make sure that the situation does not go so far, when you find that you...more
From Country Wide and Wells Fargo to other banks, almost all lending institutions are offering home loan modification as a means for dealing with the subprime crisis and other factors marring the American economy.These mortgage modification programs...more