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Bad Credit Home Mortgage
Six Benefits Of Reverse Mortgages
By Eddie Lamb
Are you over 62 years, looking for a little extra money and own most if not all of your home? If the answer is yes, then a reverse mortgage may be exactly what you're looking for. Here are some of the benefits a reverse mortgage can offer you:
#1: Reverse mortgages pay you. Instead of making payments to a lender, the lender makes payments to you. Of course as payments are made, your equity in your home decreases. It is, however, a great option if you don't plan on leaving your home to family members after you're gone.
#2: You can use the money you receive any way you choose. For example, it can be used to put your children or grandchildren through college, to buy groceries, to pay for healthcare, to buy a new car or to go on that dream vacation you've been putting off for 30 years.
#3: You can receive your money in a variety of ways:
* Lump sum
* Fixed monthly payments either for a set term or for as long as you live in the home
* A line of credit
* A combination of the above.
#4: A reverse mortgage isn't limited to single family homes. In fact, unless you own a manufactured home built before 1976 or an apartment in cooperative housing, your home likely qualifies.
#5: Your benefits, Social Security or Medicare are not affected by a reverse mortgage. However, if you are on Medicaid, any reverse mortgage proceeds must be used immediately to continue to qualify for Medicaid.
#6: No more monthly payments. You can use a reverse mortgage to pay off any existing debts. And your reverse mortgage loan is repaid when you no longer live in your home as a principal residence. The amount owed can never
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Closed Loan!!!
I was just surfing and found this chain of comments. I closed a loan with Adam Ellis at Eagle Nationwide Mortgage just a few days ago. The service was very professional and we closed exactly how I was informed we would. I have refinanced a few times now and this is the first time that the loan details I was quoted in the beginning were the same at the closing table. A couple friends of mine redid their mortgages recently and my pricing is much better! I am very pleased and would recomend their A...
how do I lower my interest rate and get a 30 years fixed rate?
Hi, my name is kimberly sykes I'm trying to get a lower interest rate and a 30 years fixed rate. How do I go about? I been @ my house for 3 1/2 years
Thak You
7085271020
[Email address deleted as per forum rules. Thanks.]
Can we say the co-borrower is living with us even if she is not?
My husband and I will not qualify for a permanent loan (he's self employed and started another company just 1 year ago) unless we say my mom will be living with us (she's our co-borrower). Can we say that she's living with us in order to qualify, even if she may only be there part-time?
Mortgage Foreclosure
I just received a nasty letter in the mail from Bank of America (the servicer on a Freddie Mac mortgage), because for a few days (while it took the bank time to process the payment) we were just over 120 + days past due. Today we are 99 days past due, but we can make a payment to bring us to only 68 days past due.
We live in Washington state, any idea if they will still proceed with a foreclosure?
Can I use a Quit Claim Deed to escape this mess?
I was placed on a Joint Tennancy Deed to do a refinance and buy out the other two individuals that were originally on the deed. The whole thing fell apart while I was deployed and I'm still on the title. I was never placed on the mortgage for the home. The home is really cheap at about 38k left but now has 13k of back owed payments and taxes and is going to be auctioned. The house is in very poor conditions and needs major repair work if not completely rebuit. I really hate loosing out on t...
What is a "Short Pay"
I have been trying to refi for cash out. I have been told that the value in the home isn't there and I can only borrow up to 85% of the value. Hard to say the value, but an elderly couple recently sold on my block for 350K which killed any possible refi. However, now I may even be upsidedown. We owe 488k and paid 521k 2yrs ago.
Someone called me and offered to try to do a andquot;Short Payandquot; option which is different than a short sale or a modification. The goal is hopefully neg. w/ ...
forclosure question
Help please! my name was on deed to mom's house. my name was taken off when sold, buyer abandened property and quick claimed deed back to mom only. she lost her job and is now going through a forclosure. i just found out i am on the forclosure as owner and they will not take me off. I never lived there. Will they come after me for balance owed after auction? I own my own home, can they take it? i am not on loan. we live in AZ
Does anyone know if Eagle Nationwide give loans with low credit score?
Does anyone know if Eagle Nationwide will give you a mortgage with low credit score?
1st time home buyer tax credit
I and my boyfriend bought a house together and I couldn't be qualified to be on the mortgage because I'm still in school. However, we added my name to the deed and the mortgage payments are coming out of my account. Do I qualify for the tax credit?
Michigan bankruptcy and mortgage
Hi, we have filed ch. 7.
1) we are NOT behind in any mortage payments
2) we have been advised to NOT reaffirtm since the house is $54k top heavy due to falling values.
Question:
It is my understanding that the bank CANNOT just toss us out, they would however be forced to foreclose IF I stop paying payments.
IS this correct? I am asking because if the mortgage is BK'd would, IF we stopped paying later, have to fol...
exceed the value of your home. Even better, if your home is sold and the proceeds exceed the amount you owe on your reverse mortgage, you or your estate receives the profits.
While a reverse mortgage is generally an excellent idea for many, there are a few drawbacks. Service fees and closing costs can make a reverse mortgage an expensive option, particularly if you're planning on selling the home in a few years. If you're not planning on living in the house a long time you may want to consider a home equity loan, because they're much less expensive and you can still take the dream vacation you're looking for. | |
Author Resource:- Eddie Lamb owns LiveMortgageFree.com a website devoted to helping homeowners, first time buyers or tenants. You'll get your own exclusive access to the program and bonuses that will get you on the road to living Mortgage Free and will change the way you view money forever. For more information visit: LiveMortgageFree
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