Archive for September, 2007
Sound insight for avoiding a reverse mortgage scam
If you are looking into reverse mortgages, there are several things that you can do to protect yourself from falling victim to these types of scams. Speak with a HUD approved reverse mortgage counselor. The counselor will help you understand reverse mortgages and help you evaluate your situation. Obtain several offers from
Senator urges Countrywide to help borrowers
Aug. 29 (Bloomberg) — U.S. Senator Charles Schumer called on Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages. Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed [...]
Seniors finding reverse mortgage program beneficial
Seniors finding reverse mortgage program beneficial, A growing number of area senior citizens who have found themselves strapped for cash or in debt are turning to a program that could be their salvation. It’s called a reverse mortgage, and it more frequently is becoming the answer for older people in debt, on fixed incomes or [...]