Mortgage lender sees future by looking in - Fort Worth Business Press- Credit Service That Help Me Pay Off Cash Advance Loans
Older homeowners fearing the loss of their property may be eligible for a reverse mortgage, which would allow the owner or owners to keep their home while using established equity as credit for a loan, said Judith O. Smith has worked on reverse mortgages since the state allowed lenders to do so in spring 2001, witnessing their popularity increase annually. A reverse mortgage is available for homeowners over the age of 62, who have paid off their mortgages or “have only small mortgage balances remaining,” and currently live in their homes, according to the U. That borrowed cash can be distributed in one of five ways, including a line of credit or equal monthly payments for a fixed time, all of which Smith said provide a support level for homeowners who might not have sufficient income to support bills and house payments. Due to the relatively newcomer status of reverse mortgages in Texas, however, Smith said there are a lot of misconceptions about the mortgages, chief among them that individuals lose the title to their homes. A friend and roommate worked for a local mortgage lender, so Smith applied for a recently vacated receptionist position intending to stay for two months, but instead finding her career calling. Learn more
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