AccountingWEB.com - October 31, 2005 - Marketwatch reports that mortgage servicers are continuing to pay borrowers on their reverse mortgages but how long will they be able to say that in the face of the destruction in the wake of Hurricanes Katrina and Rita? While these servicers pay out mortgage payments, they are holding [...]
Prop. 7 would give seniors a new way to tap their investment in their home
By TERESA MCUSIC
Special to the Star-Telegram
Texas senior citizens will have access to a more popular form of a reverse mortgage if Proposition 7 passes in a statewide vote Nov. 8.
Proposition 7 would allow older homeowners to draw line-of-credit advances under a [...]
It’s a lock.
Lenders recently began offering to lock in interest rates on reverse mortgages, which potentially could allow homeowners to access thousands of dollars in additional equity.
Borrowers now will know at the time they’re applying for government-insured reverse mortgages the exact amount they can expect to receive when the loans are closed. Previously, borrowers were [...]
Who is eligible for a Reverse Mortgage?
- Homeowner(s) who are at least 62 years of age and occupy the property as their principal residence.
- Eligible properties include single-family homes, condominiums, town-homes, and 2- to 4-unit dwellings.
- The home must be owned free and clear or have a small remaining balance that can be paid off [...]
On November 8, Texans will be asked to vote on nine Constitutional amendments. One of those amendments is Proposition 7. If passed this amendment would authorize line-of-credit advances under a reverse mortgage. Representative Dan Flynn said, “Currently, the Texas constitution permits reverse mortgage advances to be made only in a lump sum or in [...]
