Consumer Financial Protection Bureau’s Post

Fact 2: Reverse Mortgage Borrowers Have Fewer Complaints. Reverse mortgage complaints to the Consumer Financial Protection Bureau (CFPB) were less than 1% of 32,000 mortgage–related complaints received in 2021. Of the complaints against various mortgage loans, 65% were against traditional mortgages. The remaining complaints were against other home types of loans like VA, home equity, and line of credit. 

Reverse mortgages are highly regulated products with strict government requirements that safeguard borrowers. This includes required counseling sessions that ensure the borrower understands the loan they are getting and their obligations. The most common reverse mortgage loan, the home equity conversion mortgage, is insured by the Federal Housing Administration (FHA), and all reverse mortgages, including proprietary products, are non-recourse. This ensures that a borrower and/or heirs will never have to pay back the lender more than the home’s value, even if the final debt is greater than what the home is worth Didier Malagies nmls212566 DDA Mortgage nmls324329 #reversemortgage #retirementplanning #seniorliving

Making biweekly mortgage payments instead of monthly payments can save money over the life of the loan. By splitting the mortgage payment in half and paying every two weeks, you effectively make an extra payment each year. This reduces the total interest paid and shortens the loan term. For example, a $475,000 loan at a 7% interest rate over 30 years would cost $662,667 in interest with monthly payments of $3,160. Switching to biweekly payments of $1,590 reduces the interest to around $493,000 and shortens the loan term to about 24 years, saving nearly $169,000. It's important to discuss this payment schedule with your lender to ensure there are no pre-payment penalties and to verify the calculations. #mortgagebroker

Surprising as it may seem, some folks with large incomes find that it’s tough for them to save enough money to make a 20% cash down payment on their dream homes, meaning they must purchase Private Mortgage Insurance. Enter the 80-10-10 financing concept. This concept means an institutional lender provides a traditional 80% first mortgage and you get a 10% second mortgage, then make a cash down payment equal to 10% of the home’s purchase price. Allow Aslan to guide you through the intricacies of lending: https://lnkd.in/gu6M47PB

🏠 Turning small payments into big savings: The power of extra mortgage payments 💸✨ Paying just $294 more towards your mortgage each month can save you over $185,000 in interest and cut nearly 7 years off your loan term. It's a small step with a huge impact. Think smart, pay smart, and watch your savings grow. 🏦💰 #MortgageStrategy #SmartSavings #FinancialPlanning #WealthBuilding #MortgageTips

With a VA Loan you can enjoy fixed interest rates as low as those of Fannie Mae conforming programs, ensuring stability and predictability in your mortgage payments. Learn more about VA Loans here ⬇️ https://bit.ly/3OZra8K

Why do over 80% of borrowers use a mortgage adviser instead of arranging a mortgage themselves?  Anyone can arrange their own mortgage by researching online or approaching a bank or building society. However, the disadvantage of doing this is that each bank will only be able to advise on the suitability of their own product range available.  Everyone's situation and goals differ, as well as lenders criteria. An independent mortgage adviser will search the market to find you the lowest cost option that fits your needs, circumstances, aims and objectives.  📲 01462 455 655  📩 [email protected] - YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY LOANS SECURED AGAINST IT #Hitchin #HitchinBusiness #MortgageAdvice #MortgageBroker

Unlock the power of bi-weekly mortgage payments! 💡🏡 Splitting your monthly payment in half and paying every two weeks can help you save on interest and pay off your mortgage sooner. With an extra full payment each year, you'll shave years off your loan term and keep more money in your pocket. #MortgageTips #SaveMoney #FinancialFreedom

Wondering how much money you need for a down payment? The reality is, there’s a wide range of loan programs available. Some require as little as 0% down, such as VA and USDA loans. There are even programs that use a second mortgage behind a first mortgage to reduce the down payment requirement. No matter your savings, talking to a mortgage broker early can clarify your goals and needs. It might be less than you expect! Get clear answers to all your mortgage questions: https://lnkd.in/dRbD5PGb  #DownPayment #HomeBuying #MortgageTips #RealEstate #MortgageCS

FHA loans are known for their flexibility, especially when it’s time for your borrowers to refi their mortgage. With an FHA Streamline refi, they can skip the appraisal for a faster application process with less paperwork. Questions? Not a brokered partner yet? Visit https://hubs.li/Q02DKz_60 to get started.