http://vanhomesales.com Vancouver Home Sales Thu, 12 Apr 2012 22:21:07 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://vanhomesales.com/2012/02/12/beware-of-mortgage-rate-fixation/#comment-581 Yuly Thu, 12 Apr 2012 22:21:07 +0000 http://vanhomesales.com/?p=2308#comment-581 I agree with first response, but I have to be ccnreoned about elderly people who find themselves in a credit problem, when they already have a reverse mortgage. The problem is 4 years of reverse pmts. if they did pmt. only , or were they receiving monthly pmts. Any and all monies paid to them will be added to their bal. Reverse mtgs. have different pay structures, and they may not have enough equity to Re-Fi. If you are going to advise them, first look at the type of mortgage, and the accelerated clause, or the pre-payment option disclosure. Also H.U.D. has a website dedicated to this subject. Hope this helps,Good Luck! I agree with first response, but I have to be ccnreoned about elderly people who find themselves in a credit problem, when they already have a reverse mortgage. The problem is 4 years of reverse pmts. if they did pmt. only , or were they receiving monthly pmts. Any and all monies paid to them will be added to their bal. Reverse mtgs. have different pay structures, and they may not have enough equity to Re-Fi. If you are going to advise them, first look at the type of mortgage, and the accelerated clause, or the pre-payment option disclosure. Also H.U.D. has a website dedicated to this subject. Hope this helps,Good Luck!

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