Archive for June, 2008
How are reverse mortgage funds distributed
I have received many questions from borrowers that are not clear on the details of a reverse mortgage. In today’s discussion I am going to focus on how approved loans are distributed.
You have five options:
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a [...]
Fasttracking Reverse Mortgages for troubled borrowers
Michael Pitner of Trump Financial had a very interesting commentary on ActiveRain from his frontline view of lenders offering to fast track reverse mortgages of borrowers that find themselves headed for foreclosure. Michael states:
“I wish there were better statistics about how many Reverse Mortgages have been used to rescue people from foreclosure, but there aren’t. [...]
Australia’s Reverse Mortgages Find New Regulation
As first reported on Reverse Mortgage Watch, our friends to the South (or North, depending on where you stand) are adding fresh regulation to Australia’s reverse mortgage industry. As reverse mortgages are the only “discriminatory mortgages in the country, beyond military based loans, considering further oversight to protect our seniors from predatory lender practices is [...]
MetLife Buys First Horizon
Metlife Buys Mortgage Business From First Horizon (Update3)
As Reported on Bloomberg
June 4 (Bloomberg) — MetLife Inc., the largest U.S. life insurer, agreed to buy a residential mortgage business from First Horizon National Corp., expanding its bet on the U.S. housing market.
The purchase includes the home loan unit of First Horizon’s Tennessee Bank National Association [...]
Reverse Mortgage Lender Fidelity Enter Foreclosure Market
I have been hearing and watching various reverse mortgage lenders position themselves as aids to senior homeowners facing foreclosure. Fidelity Reverse Mortgage is one such lender, offering to both write the reverse mortgage and offer incentives to senior facing foreclosure. What is your opinion for seniors facing foreclosure that also have substantial equity?
Press Release for [...]
Reverse mortgages: Beware the come-ons
Reverse mortgages: Beware the come-ons,
The loans can help you tap the equity in your house. Just don’t get tripped up by greedy salespeople.
Last year, borrowers took out more than 132,000 reverse mortgages - 50% more than the year before and almost 10 times as many as five years ago. Such loans, as you may already [...]