By Admin on Jun 16, 2010 in Financial Services
My mom is doing that to my grandmom’s house just to get her money :[
I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
So how does the reverse mortgage work? and how much money would my mom get back?
If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgage<!–without all the added fees that lenders are adding on these days. Keep reading to discover exactly what this type of loan is and what it can do for you.A reverse mortgage wholesale loan is not available directly to you.
http://mortgages-finance.awardspace.com/Advantages-Disadvantages-of-Reverse-Mortgage.htm
This type of mortgage loan is sold to a lender at a discounted rate and the lender will add points to the rate and pass the savings on to you.There are three main–>agencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.
Jackson | Jun 16, 2010 | Reply
Appraisal minus how much is owed
Geoff G | Jun 16, 2010 | Reply
A reverse mortgage works like this…
your house is worth 250K
but you owe 100K
equity 150k
the reverse mortgage people will offer to give you 150k in equal payments over the next several years for example if your granmom is 60 and they assume she will live to be 80 then they will spread the payments over the next 20 years or about $625.00 per month over the next 20 years.
That is basically how it works. Price and interest very from company to company.
Carey T | Jun 16, 2010 | Reply