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A reverse mortgage in California is a type of loan for homeowners aged 62 and older that allows them to convert part of their home equity into cash without selling their home. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest accrues on the loan balance over time.
What else can I help you with?
Does WellsFargo offer training on how does a reverse mortgage work?
No, Wells Fargo doesn't offer training on reverse mortgages. They might be able to explain to you what they are but it's not a class per se. To learn about reverse mortgages visit http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.
Where can one find information on how does a reverse mortgage work?
Reverse mortgages are fairly complicated to understand without the help of a financial advisor or a mortgage broker. One's local financial institution is the best and most reliable source of information concerning reverse mortgages.
Can you explain how reverse mortgages work in detail?
A reverse mortgage is a type of loan for homeowners who are 62 years old or older. Instead of making monthly payments to the lender, the lender pays the homeowner. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest is added to the loan balance over time. Reverse mortgages can be a way for seniors to access the equity in their homes without having to sell the property.
What do you do when you received a reverse mortgage the lender states it is a refinance?
Until just recently ALL reverse mortgages were refinances. Recently we have been given the ability to use them for purchases. Check your paper work carefully. If you still need assistance, contact a HUD approved HECM counselor.
Explain special relationship between banker and customer?
Bankers and customers work together to do financial transactions. A good banker will help a customer secure mortgages, balance accounts, and maintain a good relationship with the bank.
Does WellsFargo offer training on how does a reverse mortgage work?
No, Wells Fargo doesn't offer training on reverse mortgages. They might be able to explain to you what they are but it's not a class per se. To learn about reverse mortgages visit http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.
Where can I find basic information on the best reverse mortgages?
Sites like hud.gov and aarp.org have various articles with plenty of details explaining what they are and how they work, such as the top 10 things to know about reverse mortgages.
Where can one find information on how does a reverse mortgage work?
Reverse mortgages are fairly complicated to understand without the help of a financial advisor or a mortgage broker. One's local financial institution is the best and most reliable source of information concerning reverse mortgages.
Can you explain how reverse mortgages work in detail?
A reverse mortgage is a type of loan for homeowners who are 62 years old or older. Instead of making monthly payments to the lender, the lender pays the homeowner. The loan is repaid when the homeowner moves out, sells the home, or passes away. Interest is added to the loan balance over time. Reverse mortgages can be a way for seniors to access the equity in their homes without having to sell the property.
Does a reverse mortgage work for a government loan?
To get a reverse mortgage, ALL of the following must be true: * The borrower is 62 years old or older * The borrower owns their home outright - No mortgages associated with the property - No home equity loans associated with the property - No home equity lines of credit associated with the property * There are no liens associated with the property All reverse mortgages are government approved as they are defined as a government mortgage product.
What line of business does a trainee mortgage advisor work in?
They work in the business line. They usually help with advising other people's mortgages. They give them information on their mortgages and say possible things that they can do for their mortgages.
What do you do when you received a reverse mortgage the lender states it is a refinance?
Until just recently ALL reverse mortgages were refinances. Recently we have been given the ability to use them for purchases. Check your paper work carefully. If you still need assistance, contact a HUD approved HECM counselor.
What did Scrooge do for work?
He was a money lender, primarily managing mortgages.
Explain special relationship between banker and customer?
Bankers and customers work together to do financial transactions. A good banker will help a customer secure mortgages, balance accounts, and maintain a good relationship with the bank.
Are co-op apartments eligible for reverse mortgages in new york state?
In July of 2008, Congress passed and then President George W. Bush signed into law, the Housing and Economic Recovery Act (HERA). There were many provisions of that law which impacted reverse mortgages. Among them was a section of HERA which provided Reverse Mortgages for Co-ops. Since most private reverse mortgage bankers effectively stopped their reverse mortgages for co-ops, there are seniors who were anxious to see how this would come out and what the restrictions would be. Unfortunately, their anxiety continues.Despite the mandate of HERA and the continuing weak economy, over two years later, HUD has still failed to promulgate rules which would allow the banks to offer reverse mortgages to co-op owners here in New York and elsewhere in the country. HUD has not issued the required Mortgagee Letter that would permit reverse mortgages (HECMs) on co-ops.HUD has indicated many times that it would make reverse mortgages available to co-ops, but it has not done so. As recently as this past March, HUD said it would issue such a Mortgagee Letter, but nothing has been done. Approximately three months ago, HUD Secretary Shaun Donovan has said he would look into the situation. Again, nothing has been done.The problem is more acute in New York and in particular, downstate and the New York Metro area with large numbers of seniors owning and residing in co-op apartments. As seniors on fixed incomes, struggle to survive with rising taxes, medical and energy costs, I wrote to both of NY's Senators and my own congressman. Yet, over two years since HERA became law, co-ops are still not eligible properties because HUD has taken no action.The latest I've been told is that the new guidelines should be out by September, but I have been told deadlines before and they have come and gone over the last two years.While reverse mortgages are not for every senior, they do afford seniors the opportunity to work their way through their financial issues. It is imperative that HUD act now and issue the appropriate Mortgagee Letter, so the banks will resume reverse mortgages for co-ops. The best thing for you to do now is contact your US Senators and your local congressperson and let them know you are angry that for over two years nothing has been done to allow seniors to obtain reverse mortgages on their co-op apartments and demand that they contact HUD about it.For further information, contact reversemortgage@optonline.net.
Does Jacksonville Mortgage deal in residential as well as commercial real estate mortgages?
Yes, Jacksonville Mortgage deals in residential as well as real estate mortgages. They not only work with home mortgages but also with real estate for companies and other properties.
Why your reverse do not work?
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