“Equity Share” is NOT a component of an FHA Mortgage Loan!

FHA reverse mortgages offer borrowers specific benefits and protections. Make sure you know if the loan you are inquiring about is FHA Insured. Then make an apples to apples comparison.  Situation: Julie is concerned about the loan they took out when Anthony got sick. The medical bills were piling up fast. They responded to a mailing from a lender that advertised a cash-out loan and no monthly payments. It seemed to be a solution for them to stay on top of their bills that did NOT require a monthly payment. Unfortunately, they didn’t fully understand the terms of this loan and they were under pressure. They signed the loan documents only to realize later that this was not an FHA Insured Reverse Mortgage (a HECM) but they had signed on for an “EQUITY SHARE” loan. That part was not really made clear on the [...]

“My guy” has done a few Reverse Mortgages

Linda, a real estate broker, attended one of Kim's Reverse Mortgage Continuing Education classes years ago.  When the time came to investigate her own reverse mortgage, she ran right into "MY GUY". When Interest Rates Rise, Homeowners Hold onto their Current Mortgages. Conventional Mortgage Loan Officers Start to Get Hungry for Other Types of Loans for Income. Linda's real estate brokerage had an in-house lender that Linda had used once in a while to work with her clients on regular, conventional loans. There was a level of trust there and it was there that Linda ran right into the "MY GUY" challenge when it comes to Reverse Mortgage loans. The in-house lender had a guy that had 'done a few reverses' and he could refer her to him, or better yet, he even offered to do the Reverse Mortgage loan [...]

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