When a reverse mortgage borrower dies, the outcome depends upon the existence of any remaining family members and whether they want to keep the home. When the original homeowner passes, the process afterwards is similar to the process required with a regular mortgage loan, according to Heather Chubb, a life transitions lawyer at The Chubb Law Firm. “You end up with the same estate administration issues as you would with any other piece of property,” she said.
Mortgage Loans Questions
Nov, 13, 2013
A ninja loan is a subprime mortgage loan offered to borrowers without proof of income, employment, or assets. The word ninja is a nickname for a loan product available during the subprime market of the early 2000’s. Ninja loans are another name for NINA which stands for no income, no assets, and was coined in a book by Charles Morris.
Nov, 5, 2013
A liar loan is a type of mortgage loan where a lender does not verify an applicant’s income. These types of mortgage loans are sometimes called stated-income loans or no-documentation (no-doc) loans. Lenders willingly give an applicant a mortgage loan without verifying their pay stubs, proof of employment, or assets. In contrast to this, a conventional mortgage loan requires these types of documents before an applicant will be considered for financing.
Sep, 20, 2013
A mortgage loan origination fee refers to the charges for the paperwork and labor gone into deciding whether to grant a borrower financing. Origination fees are determined by calculating together the effort it took to evaluate a borrower’s income, debt, employment record, and other personal financial information. An origination fee can sometimes total to a full 1 percent of the mortgage loan in question.
Sep, 10, 2013
Title insurance provides added security on a property that a consumer believes they own. It is a form of indemnity coverage which protects an owner against a potential loss on a real estate property. Title insurance is for the land and property, not the home itself. It is not to be confused with homeowners insurance which protects the home in instances of fires, floods and similar situations.
Aug, 13, 2013
Carryback financing occurs when a real estate seller provides financing for the property buyer.
Aug, 5, 2013
A rent-to-own home (also called a lease-to-own home) is a home that, after renters pay a certain amount each month to live in the house, presents the renters with the option to purchase the home. Aside from the option to buy, a portion of each month’s rent payment is put towards a down payment upon the home as well. For some sellers and buyers, rent-to-own homes might not always be the right decision, but that can be determined by examining how rent-to-own home purchases work and how they differ from borrowing a traditional home loan. How Rent-to-Own Works
Jun, 27, 2013
Yes, you have to pay the mortgage loan payments on a house that you inherited if it has an outstanding home loan — provided you want to keep it. However, in some circumstances, beneficiaries do not wish to keep their newly inherited homes, in which case it is perfectly legal to not make payments. To clarify these situations, loans.org spoke with several experts in the home loan industry. Ryan Glover, Chief Investment Officer for Tarheel Advisors, told loans.org that when money is loaned against property such as a house, there is a lien placed against the property.
Jun, 19, 2013
National Homeownership Month is a special annual event jointly celebrated by mortgage loan lenders and the federal government to promote the key part of the American Dream: owning a home. It is an ideal time to take advantage of lender eagerness and apply for a mortgage loan to buy a home. National Homeownership Month is always held in the month of June and began as a Presidential initiative to support and expand homeownership opportunities for Americans.
Jun, 17, 2013
A loan-to-value (LTV) ratio is a lending risk assessment used by mortgage loan lenders in order to calculate their exposure to a chance of default. Generally, the higher an applicant’s loan-to-value ratio, the riskier it is for a mortgage loan lender to offer financing to the borrower in question. As far as anyone interested in borrowing a mortgage loan should be concerned, lower loan-to-value ratios make for easier monthly payments.