It’s a home loan that enables you to convert a portion of your home equity into tax-free funds without having to sell your home, give up title or take on a new monthly payment. Instead of making monthly mortgage payments, your mortgage pays you. That’s the “reverse” part of a reverse mortgage.
With a traditional mortgage or home equity loan, homeowners qualify based on their credit history and debt-to-income ratio. They borrow money which requires making monthly payments.
With a reverse mortgage – The mortgage makes payments to the homeowner and there are no income, employment or credit score qualifying restrictions.
Loan Application 1009
One of the key areas where MortgagePro360 works on is the creation and management of a Chain of Title for its clients. This clearly is the primary element in the Closing Process. We provide Current Owner, 2 Owner.
We generate the following disclosures
In order to deliver high quality appraisal products which meet industry guidelines and ensure long term compliance.