Reverse Mortgage 101: HECM w Joe Salpietra. Mortgage 101
Reverse Mortgage 101: HECM w Joe Salpietra video duration 1 Minute(s) 7 Second(s), published by Mortgage Masters on 22 02 2018 - 20:48:47.
A reverse mortgage is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments In this episode, I have the pleasure of meeting with Senior Loan officer and Mortgage Banker George Pejoves
We discuss a bunch of topics from what the .
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A reverse mortgage is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).
In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term (e.g., 30 years) the mortgage has been paid in full and the property is released from the lender.
In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity percentage for their age, then the debt on the property increases each month.
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In this episode, I have the pleasure of meeting with Senior Loan officer and Mortgage Banker George PejovesWe discuss a bunch of topics from what the .
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