I have heard many questions regarding mortgages and bankruptcy and credit reporting.I thoughtI'd giv...

1. Insight on Mortgage Insurance
I have heard many questions regarding mortgages and bankruptcy and credit reporting.I thoughtI'd
give some legal background to provide more understanding to those who have questions, and help to
clarify.
Make sure you understand all the terms and conditions within the reverse mortgage contracts. Your
reverse mortgage counselor can guide you through
If you pass away, and the home is left to heirs, they can either refinance the house with a traditional
mortgage, or sell the house to pay the reverse . In both cases, if the value of the house has dropped
below the reverse mortgage amount, the bank absorbs the costs.
Obtain several offers from different reverse mortgage lenders in order to compare different options.
The rule of thumb is to get at least three
Mortgage loan officers are paid by commission, salary or a combination of both. Loan officers paid
on commission usually earn more lowest mortgage rates than those earning only a salary. The
earnings of those who work on commission fluctuate with mortgage interest rates, increasing when
rates are low and dropping off when mortgage rates increase. Loan officers who work for smaller
banks generally earn less than those employed by larger loan originators, with mean earnings at
$63,210 in 2009, according to the Bureau of Labor Statistics.