As with regular mortgages, the loan is provided based on the property equity of the homeowner. However, in this case, even with the equity secured the homeowner can still enjoy the benefits of staying in the mortgaged home while paying the EMI to the mortgage lender. A Reverse Mortgage is a very good option for retired individuals over 62 years of age who would hate to move from home while the same is being mortgaged. Also they need not change their lifestyle, as the Reverse Mortgage amount would provide sufficient funds to maintain the existing one.

Loans may be obtained from banks, insurance companies, and mortgage bankers. Before getting a mortgage, it is advisable to maintain one’s finances well. In order to pay back a mortgage, one needs to save money in the long term. Mortgage companies check their customers’ financial background carefully before granting a mortgage. Therefore to obtain a mortgage, one’s credit situation should be sound.nd.

Next, the money that you will receive from a Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home.

As you can see there is more to deliberate regarding IOM’s as the inconsistent factors can be much greater than with Repayment Mortgages, when we get down to the bottom line, the choice comes down to if you would rather be more prudent with a Repayment Mortgage, or be ready to speculate and go for the Interest Only Mortgage. You would not be fixed into the mortgage deal as it is when you sign up; both are accommodating in their own ways, the IOM just has added stretch. If you are put off by the risk of an IOM, it is possible to switch over to a Repayment Mortgage after a certain period of time. IOM’s are more appealing as they are of more of help getting first time buyers onto the property ladder, if this is your objective, then it is seriously worth considering, if it’s a long term consideration, then make sure you have an investment plan in place to pay the capital or it could be a expensive mistake to regret.

The main difference between a mortgage agent and a mortgage broker is that to be a mortgage broker requires at least two years of working experience. The mortgage broker must pass an approved mortgage course. Mortgage agents must be supervised by a mortgage broker. Brokers work for a mortgage brokerage or on their own and bring together prospective borrowers and lenders. They do not administer the mortgage. After the client fills an application using the information contained therein, the brokerage scouts the market for the best mortgage. The mortgage request of the client is tendered through an electronic system to lenders.

You will have a set amount of time to pay those taxes or else your will start to incur penalties for your taxes being past due. If you continue to keep your property taxes past due, then your local taxing authorities can begin the process of selling a tax lien certificate that was placed on your property to try to recover the delinquent taxes that you owe. The tax sale is usually publicized for potential bidders to get information on the tax sale. All counties across the country hold usually conduct property tax sale, normally monthly on a set day. For example, the 1St Tuesday of each month at the local court house or downtown. They will bid on the tax amount owed, lets say a homeowner has $500 in past due taxes. They will start the bidding at a set price, usually the price of the taxes owed, and hopefully they will sell the tax lien certificate to the highest bidder.

Lenders do not always catch properties that have delinquent taxes and so the property can end up a local tax sale. Mortgage companies loose properties from time to time due to the taxes liens going to sale, and the homeowner are not able to pay off those taxes in time to recover the property from a tax sale bidder that has a tax certificate on their property. This risk of loosing a property to a tax lien is built into each mortgage contracts.

I got to the seminar and after about three minutes I knew this guy was not messing around. You could tell immediately he was a seasoned student of marketing and had been working with the best people in the business. For a marketing geek like me, I appreciated the seminar in the same way a sports fan appreciates a good game. It was everything a seminar should be; part rock concert, part sales event, part educational junket, and it had all the motivational components a good seminar should have. He had folks like Chris Gardner, Tony Robbins, and Todd Duncan as speakers. All amazing people that you should hear speak if you have the chance.

What troubled me a bit was this: the topics he wanted me to discuss with my borrowers fell right into the backyards of licensed realtors, Certified Financial Planners, Series 7 licensed stock brokers, Certified Public Accounts, and tax attorneys who had passed a Bar (BAR) exam. And I’m not any of those things. I have an MBA from a top business school, and I thought I had a strong grasp of his concepts. But ultimately I felt I was unqualified to do mortgage planning. So this is the first question we should think about, “what is the true role of the mortgage professional?” We can all debate that. And based on everything I have said thus far about Mr. Marshall, I have no problem with what he is doing. Let me tell you where I take issue with him, and where you should to. And most importantly, why his Mortgage Planners should take issue with him. Big time.

Mr. Marshall is attempting to completely redefine what mortgage professionals do for a living. And I admire him for that bold idea. I admire all people with bold ideas. But the potential impacts to borrowers are extraordinary, both positive and negative. He’s invested enormous amounts of time and energy to market his ideas to mortgage professionals: as quickly, strongly, and suavely as any mortgage marketer I have seen. And he’s profited from it big time. At the same time, he has done little to control the flow of his ideas or regulate those that have received his ideas. I think that’s reckless, and yes, possibly dangerous. To all of us.

Choosing a Mortgage Broker Based Solely On Rate The interest rate obtained on a mortgage is one of the most important factors of a loan, but it is not everything. There can be over 30 separate closing fees that can factor into the total cost of obtaining a mortgage loan.

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