Reverse Mortgage Lenders
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
Mortgage companies can be a valuable resource. Whether you are trying to buy, sell, or invest they can provide you with what you need to get a running start. If you are a buyer or investor, there are mortgage lenders who can get you a loan as long as your credit score is above 500 or if you have some equity to offer as collateral.
The US subprime mortgage crisis was one of the first indicators of the 2007–2010 financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backing said mortgages. The earlier Savings and loan crisis of the 1980s and 1990s and National Mortgage Crisis of the 1930s also arose primarily from unsound mortgage lending. The mortgage crisis has led to a rise in foreclosures, leading to the 2010 United States foreclosure crisis.
Reverse Mortgages are a special type of loan available to senior citizens residing in the Unite States that own a home. The minimum age to qualify for a loan from a reverse mortgage lender is sixty-two.
By taking a reverse mortgage loan, a senior can continue to live in their home. A great advantage of a reverse mortgage loan is that a senior citizen retains the title to the home, not the lender. The homeowner still has to pay the property taxes, insurance and maintenance bills of the house.
Reviewmortgagelenders.com can help you get started by providing you with calculators to determine how much house you can afford, how much you need to earn to buy the house of your dreams and estimate your monthly mortgage payment.
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