Welcome to Mortgage Guide
Chase Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Reverse Mortgage Basics
from:Many consumers can benefit from an introduction to the reverse mortgage. This advance is a type of loan that allows a homeowner to borrow from their home’s value. The reverse mortgage has many interesting aspects to it for some homeowners to consider.
The borrower does not have to pay back any of the money that he uses in the course of the reverse mortgage. The package is designed for retired homeowners who need money but do not want to sell their current residence. Instead of selling, the customer simply borrows money against the value of the home.
The debt is to be repaid when the home is sold or in the event of the borrower’s death. Many elderly clients can benefit from this type of advance because they do not have to worry about repaying the debt. The money owed is simply taken out of the sale price when the home is sold.
But what if the borrower dies? The individual that inherits the home also inherits the debt. This is typically little trouble considering that the value of the home should greatly exceed the cost of paying off the debt. The loan company will work with the person that inherits the property to work out a viable agreement.
There is little risk of owing more than the home is worth. The lender accounts for the initial mortgage amount and the lender figures in the interest rate. The length of the loan and the home’s appreciation are also factored into the agreement. The amount of the money lent will not exceed the value of the home through the term of the loan.
Basic Requirements
A person will be typically unable to get a reverse mortgage if there is a lien on the property. In some cases, the borrower can use money that he receives in the loan to pay off any liens against the house. The lender will require that the lien be paid in full before making an agreement or the consumer will be required to pay the lien using monies from the loan.
The amount of the loan depends on a few factors. The home should be appraised and any necessary repairs must be made. The property’s location is another important component in the lending process. Well sought-after properties will yield more worth.
The interest rate will have an effect on the monthly installment and the overall cost of the loan. The borrower’s age is also a consideration. The reverse mortgage is designed for senior citizens. The older the borrower is, the more money he can receive through the loan.
The consumer has a few choices when it comes to the distribution of funds. He can opt for a lump sum, monthly installments or a line of credit through the reverse mortgage.
Chase Mortgage Specific links
Chase Mortgage News
Current Mortgage Rates Higher Today – Chase Lowered Their Rates While Other ... - Best Syndication
 Mortgage Rates & Trends (blog) | Current Mortgage Rates Higher Today – Chase Lowered Their Rates While Other ... Best Syndication (Best Syndication News) Mortgage interest rates moved up across-the-board today with Chase lowering rates and BofA raising them (see interest rate charts ... Comparing Mortgages From Chase Bank and Citibank Mortgage Rates: September 8, 2010 |
JP Morgan Chase Home Loan Modifications And Refinancing Brings Lower Mortgage ... - Red, White, and Blue Press (blog)
 Sydney Morning Herald | JP Morgan Chase Home Loan Modifications And Refinancing Brings Lower Mortgage ... Red, White, and Blue Press (blog) Many homeowners with JP Morgan Chase, along with other mortgage lenders in the nation, have been seeking ways in which they can lower their ... Today's Lowest FHA Mortgage Rates – Refinance Interest Rates from Bank of ... Today's Lowest FHA Mortgage Refinance Rates – 30 Year Fixed Rates from Bank of ... Current Mortgage Interest Rates Drop Again Today – Jumbo Loan Rates Fell ... |
Freddie Mac to issue new 5-year note due 2015 - The Associated Press
Freddie Mac to issue new 5-year note due 2015 The Associated Press Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015. The issue will be priced on ... |
UK FSA Fines Goldman GBP17.5M For Not Disclosing On Tourre - Wall Street Journal
 Globe and Mail | UK FSA Fines Goldman GBP17.5M For Not Disclosing On Tourre Wall Street Journal Unlike securities that are backed by actual mortgages, the synthetic CDO represented a bet on a set of "reference" mortgage-backed securities. ... Goldman Sachs Fined $27 Million by UK for Not Reporting Probe Goldman slapped with $27 million fine by U.K. FSA After Settled SEC Suit, Goldman Battles $27 Million CDO Probe by British ... |
Freddie Mac Prices New $5 Billion Five-Year Reference Notes(R) Security - MarketWatch (press release)
Freddie Mac Prices New $5 Billion Five-Year Reference Notes(R) Security MarketWatch (press release) The new five-year Reference Notes security was offered via a syndicate of dealers headed by Barclays Capital, Inc., JP Morgan Chase, and Citigroup Global ... |