As other lending options fail, the HECM delivers solutions A banker lends you his umbrella when it is sunny and wants it back when it rains. So says the well known joke about the sad state of consumer lending. “After the recession, our clients called, telling us that their banks
With the recent release of HUD’s Financial Assessment guidelines our focus was primarily centered on the new requirements future borrowers will have to walk through to qualify for a federally-insured reverse mortgage or Home Equity Conversion Mortgage...
HELOCs have begun to resurge in the mortgage market as home values have nearly recovered from their pre-crash values and today’s artificially low interest rates. While banks make these loans attractive to the average consumer what is often overlooked or not expressly pointed out are the risks and limitations.
The next mortgage bubble with pending HELOCs written in the mid 2000’s could spell opportunity for reverse mortgage lenders and originators alike. A recent study by TransUnion echoes what some mortgage experts have been warning us of in the last year: there is a coming HELOC bomb that could explode
The Wall Street Journal recently reported that more homeowners are once again tapping into their home equity. As home values recover and interest rates remain artificially low many are beginning to take out HELOCs or Home Equity Lines of Credit to fund home renovations, pay off higher interest rate debts