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reverse mortgage: Stop Foreclosure with a Reverse Mortgage - 12/29/07 08:42 AM
If you are age 62 or over, and are having trouble making your mortgage payments, you may want to consider a reverse mortgage as a way out.The proceeds from a reverse mortgage can be used to pay off the current lender, allowing you to stay in your home and never have another mortgage payment. My post on reverse mortgage basics will give you some information on how a reverse mortgage works.Investigate your options with a reverse mortgage as soon as possible. Once your mortgage is in default, interest, attorney and other fees add up quickly, making the payoff amount several thousand … (11 comments)

reverse mortgage: Reverse Mortgage Closing Costs - 11/14/07 12:14 PM
Reverse Mortgages involve many of the same closing costs that you would pay for a home purchase or a refinance.
Here is a breakdown of the typical closing costs for a reverse mortgage:
Origination fee 
This covers the operating/overhead expenses for the lender.  A portion of this is also paid to the loan originator.
Under the HECM (Home Equity Conversion Mortgage), which accounts for the majority of reverse mortgages, the origination fee is as follows:
2% of the lesser of the property's appraised value or the FHA maximum loan limit for your county.  Here in Palm Beach County, Florida, the FHA max loan limit is $362,790.  … (6 comments)

reverse mortgage: You Can Do a Reverse Mortgage on A Manufactured/Mobile Home - 11/11/07 10:44 AM
I have come across a lot of questions lately regarding reverse mortgages and manufactured/mobile homes. Many people think these types of properties do not qualify.  As a mortgage broker in South Florida, I have recently done several reverse mortgages for people living in manufactured/mobile homes. Reverse mortgages can be done on manufactured/mobile homes, but there are some conditions that  apply.
Here's some information about what's needed to qualify for a reverse mortgage for these types of properties:
The home must have been built after 1976The home must be permanently attached to a foundation  an appraisal will be needed- the cost is around $460 - more than a … (7 comments)

reverse mortgage: Reverse Mortgage Real Life Example - 11/08/07 01:58 PM
Thought you might be interested in hearing about an actual reverse mortgage that I recently closed for one of my clients.
While I am a mortgage broker located in Palm Beach County, I originate loans thoroughout the entire state of Florida.First, some background on the client situation.Mrs. Sanders, widow, age 72 (not her real name) recently contacted me to do a refinance. She lives in a double wide mobile home in Central Florida. She had a $26,000 mortgage at a rate of 11%. She was hoping to lower her rate and save some money. Her monthly mortgage payment was $330. Her monthly … (9 comments)

reverse mortgage: Basic Information About Reverse Mortgages - 11/06/07 08:16 AM
 As a mortgage broker in Palm Beach county, I am often asked about Reverse Mortgages and how they work. 
Below is some basic information about them. 
You must be at least 62 years old and own a home. The property may be a mobile home as well.You ALWAYS retain title (ownership) to the home. The lender never, at any point, owns the home, even after you (or last surviving spouse) permanently vacate the property. You must still pay property taxes and insurance, and keep the home well maintained. If you are unable to pay your property taxes and insurance, then a special … (2 comments)

 

Cheryl Hale - South Florida Mortgage Lady

Boca Raton, FL

More about me…

Boca Raton Mortgage Broker

Cell Phone: (954) 675-9531

Email Me

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