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Reverse Mortgage is a type of mortgage here in Canada where an institution can loan you the money on your paid off house upto a certain amount (usually 50%)of the price of your house and pay you a set amount per month or lump sum depending on what you choose. This type is usually available to people who are seniors. The main advantage of this is that you do not have to qualify for this mortgage as long as you have equity in the house. The disadvantage is that you pay high interest cost and it is eating up the equity in your home.
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What is a mortgage loan originator?
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
How is Reverse Mortgage useful?
The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment. reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.
Where can I compare mortgage rates?
To compare mortgage you can go to websites that have mortgage calculators, you would just search mortgage calculator. With a mortgage calculator you can easily compare mortgage rates.
Where can you find Mortgage refinancing in Jacksonville?
There are several companies that offer Mortgage refinancing in Jacksonville. Some of these are: Jacksonville Mortgage, American Equity Mortgage, and Florida Mortgage.
How can I get a reversed mortgage on a bad credit score?
http://www.reversemortgageinterest.org is a great website to help you find all the information you need concerning your reversed mortgage and bad credit score.
Mother73 daughter43 are both on deed can mother get a reversed mortgage without daughter known?
No
Is it cheaper for husband to get reversed rather me get reversed tubal ligation reversed in ontario?
yes
Can AIDS be reversed?
AIDS can't be reversed.
What are the changes that can be reversed?
example of change can be reversed
Can ozone thinning be reversed quickly?
It can be reversed but not quickly. Ozone thinning will be reversed gradually and slowly.
What algorithm can't be reversed?
Hashing can't be reversed.
Does a galvanometer have a reversed current or not?
The current is reversed in a galvanometer
A disease of the lungs that can't be reversed?
Emphysema cannot be reversed.
Is central dogma of molecular biology can be reversed or not?
it should be reversed
Are the seasons in the northern and southern halves of the earth reversed?
reversed
In the Northern and Southern Hemispheres the seasons are reversed?
True, they are reversed!
