Reverse Mortgage Appraisal
How much is a reverse mortgages if the house appraisal was 250k?
My mom is doing that to my grandmom’s house just to get her money :[
I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
So how does the reverse mortgage work? and how much money would my mom get back?
If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgageagencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.
Reverse Mortgage Tips
Some Lenders Sell Foreclosed Homes Without Obtaining Title
When you thought you’d seen every possible stuff-up in mortgage land, a new one comes to light. When the housing market correction started, most savvy observers pointed out that prices needed to revert to long-term relationships with rentals and income levels. And many have also pointed out that it is reasonable to expect prices to overshoot on the downside. Evidence of the latest self-inflicted …
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 Reverse Mortgage Appraisal. As soon as I knew how much, I could start searching for a house.
Reverse Mortgage Appraisal
HELP. My sister just refinanced and the paper work has many fees.?
My sister just refinanced her home. She regrets doing it. There are too many fees. We don’t even know what they mean. For example:
-BROKER APPRAISAL FEE: $450.00
-BROKER PROCESSING FEE: $695.00
-LENDER LOAN FEE TO BROKER: $6200.00
-BROKER ORIGINATION FEE: $3100.00
-FUNDING AND REVIEW: $455.00
these are just the ridiculous looking ones.
The proposed loan amount is 310,000.00
The screwed up part is, the mortgage broker (a good friend of ours) said she wasn’t going to charge us for preparing it.
Is there any way this can be reversed? This was processed march 29.
All of these fees except for the Appraisal fee are monies going into the pocket of the mortgage broker. They are each called a different thing, but all are profit to the broker for doing the loan.
And what tops it all off? They also get a kick-back of $8,000-$12,000 (if not more, depending on how high the interest rate they sold her) from the investor, the one who puts up the money. It sounds like somebody made a great deal of money on this loan and your sister ate it.
All the mortgage broker does is file the paperwork. Pretty good business to be in if you enjoy cheating people. I left that business a few years ago, couldn’t live with myself.
Your sister paid these fees and there’s nothing she can do about it. Your good friend lied, but probably didn’t have control over anything here, anyways.
When the money is placed in front of the person wanting the money, they are betting that all these costs won’t matter so they put them at the highest they can. She had to have received an estimate of costs prior to the closing (this is a law)…she should have looked them over. These charges are outrageous but unregulated so they can get away with major robbery…and they did.
Sorry.