A Proprietary Reverse Mortgage is one of the Reverse Mortgage Loans that allows senior homeowners to access the equity in their homes through private lenders. The Proprietary Reverse Mortgage is a home-secured private mortgage loan that allows senior citizens aged 62 and older to convert a portion of their home’s equity into cash. These Mortgage … Read more
A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage loan that allows borrowers to convert equity into tax-free funds or monthly cash flow, eliminate payments on their current mortgage, or purchase a home without monthly mortgage payments. Home Equity Conversion Mortgage allows senior citizens to obtain a loan based on the value … Read more
A Single-Purpose Reverse Mortgage is a type of reverse mortgage loan that helps lower-income senior Homeowners cover specific lender-approved expenses such as property taxes or home repairs. These Mortgage loans allow homeowners to access their home equity for a predetermined purpose. There are three main types of reverse mortgages such as single-purpose reverse mortgages, federally … Read more
Portfolio Loans are Mortgage loans in which the lender keeps their portfolio instead of selling it to a third party. Unlike government-backed loans or conventional mortgage loans, a Portfolio Loan is generally a mortgage loan originated that is not being sold in the secondary market. A Portfolio Loan is easier to get for the borrowers, … Read more
A Subprime Mortgage Is a Home loan that allows individuals with a limited credit history, or subprime credit to purchase or refinance the loan. The Subprime Mortgage Loans have interest rates that are higher than the prime rate. These Mortgage Loans give borrowers with impaired credit a means to buy homes but with risks. A … Read more
A Non-Amortizing Loan is a type of Loan in which payments on the principal are made by lump sum. As a result, the value of the principal does not decrease at all over the life of the Loan. Non-amortizing loans typically have high-interest rates because these loans are unsecured. The Non-Amortizing Loans can be used … Read more
An Amortizing Loan is a type of credit that is repaid through periodic installment payments over the lifetime of a Loan. An Amortized Loan is a type of Mortgage Loan that requires the borrowers to make scheduled, periodic payments, which are applied to both principal and interest. An Amortizing Loan has fixed, periodic payments that … Read more
Non-conforming Loans are Mortgage loans that do not meet the guidelines of government-sponsored enterprises (GSE) such as the Fannie Mae and Freddie Mac and therefore cannot be resold to them. Some of the GSE guidelines are the maximum loan amount, suitable properties, down payment requirements, credit score requirements, and other factors. A Non-conforming Loan serves … Read more
A Conforming Loan is a Mortgage Loan that matches the criteria set by Freddie Mac and Fannie Mae and is within the limit provided by the Federal Housing Finance Agency. These Mortgage Loans are the most popular type of mortgage loans because they are typically cheaper than other types of mortgage loans and borrowers can … Read more
A USDA Loan is a home loan that is issued or guaranteed by the United States Department of Agriculture. The USDA Mortgage Loans gives aspiring rural homeowners a shot at homeownership with zero down payments mortgage for qualified borrowers. People who are living in rural areas and unable to qualify for conventional mortgage loans, then … Read more