What is a reverse mortgage broker?

What is a reverse mortgage broker?
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1 Answer

Answer :

A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
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Related questions

Where can I find a good reverse mortgage broker?

Description : Where can I find a good reverse mortgage broker?

Last Answer : MetLife Bank provides a lot of great information on reverse mortgages, including how to find a reverse mortgage broker. By simply providing your information, MetLife will send you an informational kit which includes a video.

When purchasing a home; do you use a Mortgage Broker or a Direct Lender ?

Description : When purchasing a home; do you use a Mortgage Broker or a Direct Lender ?

Last Answer : We use the bank that we have our accounts with.

What tests do you need to take to get a mortgage broker license?

Description : What tests do you need to take to get a mortgage broker license?

Last Answer : Each state has it's own exam for mortgage brokers. Before you can take the test most states require a criminal background check also. Many states also require that you post a bond. If you intend to loan less than 20 million$ you have to post a bond of 20000$.

Do I need a college degree to get a mortgage broker license?

Description : Do I need a college degree to get a mortgage broker license?

Last Answer : You do not need a college degree to get a mortgage broker license, however, the process you must go through is tedious. A mortgage broker must have a broad and extensive knowledge of local laws and a ... need a college degree, it's advised that you have a bit of legal experience with real estate.

What is the difference between a reverse mortgage and a standard mortgage?

Description : What is the difference between a reverse mortgage and a standard mortgage?

Last Answer : answer:Simply stated, mortgage is a loan to purchase a house, which is paid off over many years and costs many thousands af dollars in interest over the life of the loan. Once the mortgage is completely ... monthly payments, and the loan is paid off when the borrower dies or moves out of the house.

Once denied a reverse mortgage, can you apply again through another bank?

Description : Once denied a reverse mortgage, can you apply again through another bank?

Last Answer : I don’t see why not. Each bank makes their own decision on weather to lend or not. That doen’t mean they’ll make a different decision though.

reverse mortgage

Description : reverse mortgage

Last Answer : Find out here > http://ww2.reverseourmortgage.com/022/?ab_id=t0024_n2&mktsid=RoMsmbing08102010ms811&kw=Reverse%20Mortgage

Reverse Mortgage Calculator?

Description : Reverse Mortgage Calculator?

Last Answer : Reverse Mortgage CalculatorUse this calculator to help determine the balance of a reversemortgage. This calculator is specifically designed to show you howthe outstanding balance of a reverse mortgage can rapidly grow overa period of time.

Is a Reverse Mortgage Safe?

Description : Is a Reverse Mortgage Safe?

Last Answer : Taking out a reverse mortgage is easy. The requirements are few and the sum of money you can borrow depends on your age and the unpaid balance of the original home loan. The reverse mortgage loan will be ... that a reverse mortgage is not as safe as it sounds.1. Understand that to qualify for a

Can you describe to me what a reverse mortgage is?

Description : Can you describe to me what a reverse mortgage is?

Last Answer : A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.

What is a HUD reverse mortgage?

Description : What is a HUD reverse mortgage?

Last Answer : A HUD reverse mortgage is a low-interest federally regulated loan that allows senior homeowners to convert a portion of the value in their home into tax-free cash. You can apply for one through an insurance company.

Is it possible to still get a reverse mortgage loan with bad credit?

Description : Is it possible to still get a reverse mortgage loan with bad credit?

Last Answer : You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.

What are the reverse mortgage scams taking place today?

Description : What are the reverse mortgage scams taking place today?

Last Answer : Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed

What is a reverse mortgage loan, and where can I get one?

Description : What is a reverse mortgage loan, and where can I get one?

Last Answer : A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.

Where can I find out about reverse mortgage financing?

Description : Where can I find out about reverse mortgage financing?

Last Answer : Reverse mortgage financing is where you are paid per month and when the house is sold you then pay back all the money that was borrowed. In order to get more information about reverse mortgages ... local credit union or bank. If you are searching on-line check with your current mortgage provider.

What exactly is a reverse mortgage?

Description : What exactly is a reverse mortgage?

Last Answer : A reverse mortgage is actually an equity loan. You don't have to actually pay it until you yourself lose custody of the house - when selling, in which you use the money gained to pay it off, after you die, in which the heirs pay it off, etc.

What is the formula for calculating a reverse mortgage?

Description : What is the formula for calculating a reverse mortgage?

Last Answer : Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.

How can one most easily benefit from reverse mortgage marketing?

Description : How can one most easily benefit from reverse mortgage marketing?

Last Answer : Reverse mortgage is a loan provided to a home owner with payments provided based on home equity. The best way to benefit from this would be for a retired person or couple who might have high equity paid up with low mortgage balance. This would afford them to lower the monthly payments significantly!

Where can I get a reverse mortgage and more facts on it?

Description : Where can I get a reverse mortgage and more facts on it?

Last Answer : In order to get more in depth or detailed facts about reverse mortgage you will probably want to consult your mortgage broker. They will be able to give you up to date and factual information. Most ... that you need, but some websites such as hud.gov should help you with any questions you have.

Where can I find information about american reverse mortgage.?

Description : Where can I find information about american reverse mortgage.?

Last Answer : American Reverse Morgage company is a company based out of FL that works with seniors to use the equity in their homes. This company only provides services in reverse mortgage and ... links to various companies and websites that will provide more information about reverse mortgages in general.

Where can I learn about liberty reverse mortgage?

Description : Where can I learn about liberty reverse mortgage?

Last Answer : You can learn about liberty reverse mortgage from any local tax consultant or by finding it on a website which deals specifically with liberty reverse mortgage.

How do you define reverse mortgage?

Description : How do you define reverse mortgage?

Last Answer : A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the ... The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.

Reverse mortgage senior citizens?

Description : Reverse mortgage senior citizens?

Last Answer : A reverse mortgage is an additional loan taken out against the equity already paid into your home. To qualify for a reverse mortgage you must be aged 62 to older and occupy the home as your primary residence.

Is getting a reverse mortgage a good idea?

Description : Is getting a reverse mortgage a good idea?

Last Answer : A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.

Can I get a reverse mortgage through my bank?

Description : Can I get a reverse mortgage through my bank?

Last Answer : Many lenders do not offer reverse mortgages and without knowing who your bank is, it is difficult to say if they are a good choice. You may want to start there and look for their recommendation if they do not offer them.

Does WellsFargo offer training on how does a reverse mortgage work?

Description : Does WellsFargo offer training on how does a reverse mortgage work?

Last Answer : No, Wells Fargo doesn't offer training on reverse mortgages. They might be able to explain to you what they are but it's not a class per se. To learn about reverse mortgages visit http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.

A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Description : A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Last Answer : A. Mortgage Explanation: A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.

A financial product which provides senior citizens with funds against their home equity is referred as _______ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Description : A financial product which provides senior citizens with funds against their home equity is referred as _______ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Last Answer : B. Reverse Mortgage Explanation: A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older home owners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and home owner‘s insurance.

I can buy my own stocks through sites like e-Trade and Schwab and Fidelity. I do my own banking with the bank's web site. Why do I have to buy annuities through a broker (human being)?

Description : I can buy my own stocks through sites like e-Trade and Schwab and Fidelity. I do my own banking with the bank's web site. Why do I have to buy annuities through a broker (human being)?

Last Answer : I'm pretty sure some annuities you can buy direct from the insurer and not a broker. Have you tried going directly to the company website that you are interested in buying from? Maybe the ... brokers. I think some annuities always carry a load and are only sold through some sort of salesperson.

What is typical when selling a business with a broker?

Description : What is typical when selling a business with a broker?

Last Answer : I have a friend who recently sold what I would consider a rather large business: 150 employees, property and buildings. He contracted with broker, for a complicated fee that depended upon the sale price ... broker received about 5% for all that work. My friend was quite happy with the whole process.

Should I go with my bank or a broker for a home loan?

Description : Should I go with my bank or a broker for a home loan?

Last Answer : Careful with FHA, you'll pay mortgage insurance over the life of the loan so it's not usually the best deal. 4.12% is not the best interest rate. Lender paid PMI is a gimmick to get you to pay a ... PMI removed. Those numbers sound like a 30 year loan. If you can afford a 15 it's a better deal.

Do you believe the majority of people who work at a certain job (police officer, insurance broker, banker for example) are corrupt?

Description : Do you believe the majority of people who work at a certain job (police officer, insurance broker, banker for example) are corrupt?

Last Answer : I’ll put it out there and say that I believe that a majority of executives with large banking firms are corrupt and on the take from somewhere.

What to do for meeting with a business broker?

Description : What to do for meeting with a business broker?

Last Answer : answer:Know why you're buying a business. It sounds basic but if there are multiple options you need to know your priorities. Are you looking for something you're personally interested in? Are you ... sort of financial information for you to look over. It's exciting stuff, good luck with it.

What's the advantage of buying insurance from a broker instead of the insurance company itself?

Description : What's the advantage of buying insurance from a broker instead of the insurance company itself?

Last Answer : An independent agent or broker will work with different companies to get you the best coverage. Working only with the company, you can buy only that company's products. The independent agent may ... around and compare prices; just make sure you are comparing apples to apples in terms of coverage.

Broker fees in NY?

Description : Broker fees in NY?

Last Answer : Yes. Decent, reasonably-priced apartments in neighborhoods that are safe/fun/easily accessible to public transport are at a premium here. Broker's fees can be anywhere from 10-20% of a year's rent. People ... an eye out and to let their friends know. I found my current apartment that way. Good luck!

Is it worth it to use a real estate broker to find an apartment in Brooklyn?

Description : Is it worth it to use a real estate broker to find an apartment in Brooklyn?

Last Answer : I would say yes—everyone I know who lives in NYC used a broker.

Has anyone here used an apartment broker in San Francisco to find a place?

Description : Has anyone here used an apartment broker in San Francisco to find a place?

Last Answer : a friend of mine and her fiance used it and they were happy with it….. if you can afford it, might as well…...

a real estate broker sold your house for 189 000 -General Knowledge

Description : a real estate broker sold your house for 189 000 -General Knowledge

Last Answer : You would get 180,495 for the house after commission is paid.

what is a truck broker from home?

Description : what is a truck broker from home?

Last Answer : A truck broker brings together truckers and those that need shipping services... and working from home....

How to Choose the Best Forex Broker?

Description : How to Choose the Best Forex Broker?

Last Answer : One of the most important things a trader can do to ensure that he or she is a successful forex trader, is to select the best forex broker. Forex brokers are what make trading possible for most average ... give you a good idea of how the market works, but also how the broker works.Traders will also

Broker Confirmation Letter?

Description : Broker Confirmation Letter?

Last Answer : Get StartedOne of the personal representative's responsibilities in probating a decedent's estate is that of gathering the decedent's assets. The personal representative must collect and ... Broker Confirmation Letter serves several purposes. It allows the personal representative to verify th

Trust Letter to Bank or Broker?

Description : Trust Letter to Bank or Broker?

Last Answer : Get StartedAt any time after creating and signing a Living Trust document, assets must be transferred into the Trust. A Living Trust only applies to the assets that are actually transferred ... transfer of your bank account, brokerage account or individual securities to your revocable Living Trust.

10 Reasons You May Want to Hire an Investment Broker?

Description : 10 Reasons You May Want to Hire an Investment Broker?

Last Answer : There are plenty of good reasons for NOT hiring an investment broker but from a practical perspective, most people do hire one at some point in time. Perhaps one of the following reasons strikes a chord with you.1 ... retire and want to know if this is the right time to do so, and you want a profe

Real Estate Broker and Sales Agent?

Description : Real Estate Broker and Sales Agent?

Last Answer : Homeownership has always been part of America. Since the firstwestward expansions of the early nineteenth century, land ownershiphas been part of the American Dream. The Great Depression of the1930s ... important and the complexityof the transaction, hiring a real estate broker or sales agent is

3 Benefits of Obtaining Your Stock Broker License?

Description : 3 Benefits of Obtaining Your Stock Broker License?

Last Answer : If you are looking for a new career, then one of the best placesto look for a job is on Wall Street. Billions of dollars passthrough Wall Street every single day, and it doesn't take muchintelligence to ... millions of people want to buy stocks. If they wantto do so, they must go through a broker.

What is the difference between a car "broker" and car "dealer" ?

Description : What is the difference between a car "broker" and car "dealer" ?

Last Answer : Car brokers are hired by consumers to be on their side and to work the deal from a car dealer. Most of the time they can save the consumer a significant amount of money.

What is the definition of a broker dealer?

Description : What is the definition of a broker dealer?

Last Answer : Any individual or firm that buys and/or sells securities and is registered with the SEC is a broker dealer. A broker-dealer refers to a firm that trades securities for itself and for other ... they are considered brokers and when it is completed for their own firm they are considered dealers.

how can I become a structured settlement broker minnesota ?

Description : how can I become a structured settlement broker minnesota ?

Last Answer : You can go to the IRS and they will show you the extensive paperwork you will have to fill out and then they make sure you can be bonded and licensed. It is tough to become a structured settlement ... do it as long as you follow the rules and take the tests and have passing grades on the tests.

What does a life settlement broker do?

Description : What does a life settlement broker do?

Last Answer : A Life Settlement broker buys life insurance policies from people who carry them but need immediate money. Their goal is to pay you less than the value of what they think your insurance policy will be when you pass away so they can make a profit.

Where can I find a broker consultant with experience in trading stocks overseas?

Description : Where can I find a broker consultant with experience in trading stocks overseas?

Last Answer : You can find broker consultant with experience in trading stocks overseas at www.wall-street.com/foreign.html. You can also try www.expertwitness.com/srch/stock-broker.htm