I Get a fair number of questions about bi-weekly payments. A bi-weekly payment plan is really simple. Instead of paying your mortgage payment once a month, you pay half of it every two weeks. Most months, we only collect two half payments – so nothing is different. We take those two half payments and we […]
MYTH The lender owns the home. Just like a forward mortgage, the customer retains the title and ownership during the life of the loan and they can sell the home at any time. MYTH Once loan proceeds are received, you pay taxes on them. Reverse Mortgage loan proceeds are taxfree as it is not considered […]
Borrowers must qualify for a home equity line of credit (HELOC) based on their credit and income. The reverse mortgage line of credit is GUARANTEED. There is no such guarantee with a HELOC. In fact, with a HELOC, the bank can reduce or close the credit line at any time. This happened a lot after […]
Would you like to move to a smaller home or a home that is more suited to your changing needs? Would you like to be closer to friends and family? Would you like a newer home with lower maintenance or a home in a different neighborhood or one with lower taxes? Before we had […]
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