Founded in 2003, Open Mortgage has operation centers in Austin; Atlanta; Rapid City, S.D.; and now in the Richmond region. It also has 79 branch offices in 24 states with nearly 400 employees. It.
The Realtors Guide to Reverse Mortgages for Home Purchase November 20, 2013 By Michael G. Branson 2 comments Because more borrowers can buy homes and that helps your buyers over the age of 62, it helps your sellers and it helps you!
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Do you know. reverse mortgage (see reversemortgage.org) will let your dad convert part of the equity in his home into cash – which can be used for home improvements – that doesn’t have to be paid.
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As more and more mortgage companies are "jumping on the bandwagon" offering reverse mortgages, here are two facts you should know: Most companies who offer reverse mortgages simply broker or sell your loan to one or two of the large wholesalers.
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There’s no rule that says you can’t sell a house with a reverse mortgage, but you should ideally be able to sell it for more than your reverse mortgage balance. Lenders are required to accept 95 percent of your home’s appraised value or your full reverse mortgage loan balance, whichever is less.
Selling a Home with a Reverse Mortgage – Considerations for Real Estate Professionals. Reverse mortgages, which are also known as Home Equity Conversion Mortgages, became quite popular over the last few decades. It is a loan program created in 1988 and offered through the FHA, for homeowners who are 62 years of age or older.
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The National Association of Realtors hosted a lively webinar on using reverse mortgages in real-estate transactions – and in the process revealed that real estate professionals have many of the same questions about the program as potential buyers and borrowers. The Chicago-based trade group, whose.
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