Reverse Mortgage lenders Virginia

west virginia reverse mortgage. A reverse mortgage is a loan taken out by a retiree or elderly homeowner against equity that has been built up in the individual’s home. This loan converts equity into income, something few financial products do.

Reverse Mortgage West Virginia Information

West Virginia is home to many retirees who own homes and property. As a result, reverse mortgages in West Virginia are often used to secure necessary retirements income. With a high amount of property owned by individuals, these mortgages are common and readily available in the state.

As a reverse mortgage runs its course, your lender takes over more and more of the equity in your home and pays you cash for it. This cash can be spent on anything you need to spend it on, including medical bills, vacations, the down payment on a new home, other debt expenses, and daily living costs. The money is all your money from the very beginning. If you want to learn more about how this mortgage loan can help you financially, read our reverse mortgage information fact sheet.

You can choose from one of the following methods of income delivery. Your lender will provide your money to you in one of these ways, according to your choice.

  • All at once as soon as the loan goes through. This lump sum option is best for those who don’t have much equity and simply want to take over managing their investments themselves.
  • In a credit line, bit by bit, as you need it. You don’t have to pay back the money you’re borrowing through this credit line, just like you don’t have to pay back the money you borrow through any other method.
  • In monthly installments of a predetermined amount. These payments function like tax free income.

You can also combine any of the above options to create your own unique payout model.

Your home remains titled or deeded to you during and after the reverse mortgage. You never have to give up your home to your lender under any circumstances. This is one of the primary benefits of the reverse mortgage structure. Your lender owns only the equity in your home and not the home itself. This allows you to continue living in the home as long as you want to without paying anything back to your lender until you move.

When you reach the end of your life, your heirs will inherit your home. At this time, the reverse mortgage debt must be repaid. This is typically done by selling off the home. The government has established regulations that ensure that your heirs won’t have to pay back more than what the home sells for.

West Virginia is home to many retirees and many mortgage lenders. If you want to take out a reverse mortgage, you should get in touch with a lender near you who can service your loan. But don’t simply work with the first lender you contact. Compare different lenders. Find out what fees they charge. The rates and fees can add up to a hefty expenses on a reverse mortgage if you’re not careful.


Georgia DBF revokes reverse mortgage lenders lic

2009-08-19 21:23:30 by Apprsr

Ense
Wednesday, August 19, 2009 at 9:06AM
In the following press release the Georgia Department of Banking and Finance announced that on August 14, 2009 the Department’s Notice of Intent to Revoke Annual License issued to Pacific Reverse Mortgage, Inc. d/b/a Financial Heritage, license number 20269, located at 9275 Sky Park Court, #125, San Diego, California 92123, became final.
The Notice of Intent to Revoke Annual License provided that Pacific Reverse Mortgage, Inc. d/b/a Financial Heritage failed to disburse funds in accordance with a written commitment or agreement to make a mortgage loan and engaged in any transaction, practice, or course of business that is not in good faith or fair dealing, or which operated a fraud upon any person, in connection with the...

Reverse Mortgages

2012-10-11 12:08:22 by HARPLoans

Reverse mortgages are gaining steam now. Almost 10,000 people turn the magic age of 62 EVERY DAY which means they may be eligible for a reverse mortgage. This type of loan is popular all over but especially in California and in particular San Diego. Certain San Diego reverse mortgage lenders have never been busier helping homeowners generate cash from their homes.
A reverse mortgage is a loan for homeowners 62 and older to payoff their current loan and/or take money out of their home and never have to make a payment as long as they occupy the home. Actually, the money/proceeds that a homeowner receives is for whichever choosing the homeowner wants

HUD-IG Investigating Dozens of Reverse Cases

2009-11-23 19:02:21 by Apprsr

November 20, 2009
"Several dozen" of the 1,200 to 1,500 fraud investigations currently underway within the Department of Housing and Urban Development's Inspector General's Office involve home equity conversion mortgages, a group of reverse mortgage specialists meeting in San Diego were told. Some cases involve a single loan; others, hundreds of loans, and they run the gamut of industry practitioners - from single loan officers to big companies, according to Michael Stolworthy, the assistant special agent in charge of mortgage crime investigations in the IG's office, which is the law enforcement arm of HUD

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