What happens to a reverse mortgage when the borrower dies?
When a reverse mortgage borrower dies, the outcome depends upon the existence of any remaining family members and whether they want to keep the home….
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What is a NINJA loan?
A ninja loan is a subprime mortgage loan offered to borrowers without proof of income, employment, or assets. The word ninja is a nickname for…
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A liar loan is a type of mortgage loan where a lender does not verify an applicant’s income. These types of mortgage loans are sometimes…
→ Read MoreWhat are mortgage loan origination fees?
A mortgage loan origination fee refers to the charges for the paperwork and labor gone into deciding whether to grant a borrower financing. Origination fees…
→ Read MoreWhat is title insurance?
Title insurance provides added security on a property that a consumer believes they own. It is a form of indemnity coverage which protects an owner…
→ Read MoreWhat is carryback financing?
Carryback financing occurs when a real estate seller provides financing for the property buyer. Put simply, a seller agrees to carryback a note and deed…
→ Read MoreWhat are rent-to-own homes?
A rent-to-own home (also called a lease-to-own home) is a home that, after renters pay a certain amount each month to live in the house,…
→ Read MoreDo I have to pay a mortgage on a house I inherited?
Yes, you have to pay the mortgage loan payments on a house that you inherited if it has an outstanding home loan — provided you…
→ Read MoreWhat is National Homeownership Month?
National Homeownership Month is a special annual event jointly celebrated by mortgage loan lenders and the federal government to promote the key part of the…
→ Read MoreWhat is a loan-to-value ratio?
A loan-to-value (LTV) ratio is a lending risk assessment used by mortgage loan lenders in order to calculate their exposure to a chance of default….
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