When it comes to reverse mortgage there are plenty of options. You can choose a reverse mortgage fixed rate where you take out a lump sum at the beginning of the loan or an adjustable-rate reverse mortgage where you can set up a line of credit or tenure payments. A reverse mortgage can be either […]
Things to Do in Orange County – October
Old World Oktoberfest Date: Wednesday through Sunday throughout October Time: see website for details Location: 7561 Center Ave., Huntington Beach, CA Eat, Drink, Dance & be Merry at Southern California’s Best & Most Diverse Oktoberfest with Oom-Pah-Pa Bands directly from Germany. oldworld.ws Tustin Tiller Days Date: Friday and Sunday, October 5-7 Time: see website for […]
Protecting Loved Ones From Financial Hardship Because many consumers do not understand the long-term financial impact of reverse mortgages, the CFPB is issuing an advisory to help reverse mortgage borrowers. The advisory highlights three ways consumers who are the borrowers on the loan can help plan so that their surviving heirs are not harmed: Verify […]
It is important that one understands how a reverse mortgage works and know what can and cannot be done. There sometimes is confusion between what one believes a reverse mortgage can do and the way the reverse mortgage functions. For example, many consumers, for example, struggle with understanding how quickly their loan balance will go […]
Define a Reverse Mortgage?
A reverse mortgage is defined as a special type of home loan that allows older homeowners to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell, or move out. The loan proceeds are generally provided to the borrowers as lump-sum payments, monthly payments, […]
A senior citizen homeowner owned a home and got behind in their mortgage payments. Subsequently, a notice of default was issued by the lender and foreclosure proceedings were started. The homeowner had been living in his home over 25 years and have paid down considerably his mortgage but with retirement and a sudden increase in […]