Mortgage Consultant Needed
Does anyone know about reverse mortgages?
My mother has talked to a consultant about a HUD reverse mortgage. She thinks she needs it to help in her retirement. Is it a good deal or a rip-off?
Reverse mortgages are a legitimate option for senior homeowners. Each person’s needs/situations are different, so it’s wise that your mother speak to a mortgage professional to weigh all her options.
Reverse mortgages loan out money based on the value of your home, interest rate and age of the borrower. The amount of money can be divided up by monthly increments or in a lump sum. She can use this money for whatever she wants.
A HUD Reverse Mortgage does not have to be repaid until the borrower dies, sells the home or doesn’t reside in the home for a year. However, there are other instances that can cause default and require the borrower to pay back the loan.
Once the borrower no longer resides in the home the heirs can refinance or sell the home. If the proceeds from the sale doesn’t cover the loan, HUD will pay the lender the remaining balance.
The link below has some good information and a reverse mortgage analysis tool to help you.
http://www.seniorjobbank.org/rm/index1.html
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Consultant Needed. As soon as I knew how much, I could start searching for a house.
Mortgage Consultant Needed
Where can I get personal mortgage advice?
I have a townhome and my current loan to value ratio is 92% since the house value has dropped and when I bought it I put down only 10%. I am currently paying $300 in PMI which I think is a waste and would like to consolidate and reduce or get rid of the PMI. I have some more cash to pay towards the prinicpal but not enough to bring the current loan to value ration down to 78% at which point my bank will remove the PMI. I need someone to talk to who can give me advice on a 2nd loan or refinance. What type of people can provide good advice? I am ready to pat their fees, are these financial consultants or mortgage consultants?
Mortgage information seems to be changing rapidly, but the best information I’ve found is a Blog called: MortgageInfo4All.com
With all the different types of mortgages, and terms associated with home loans, it’s very easy to get confused. This site addresses some of the most common questions that potential homeowners have when seeking a mortgage loan.
Here, you’ll learn all about the different types of loans available, how to find the best rates, and how to ensure that your lender isn’t taking advantage of you.
Be sure to check out the mortgage resources. They contain valuable information that can save you thousands of dollars!