Borrowers Quotes

If a bank reruns a credit report and sees a late mortgage payment or any change in the borrowers financial picture, it would be reason for the lender to withdraw the loan.

They`re close, they are local - not national. When you have a question, often you are calling people that you actually know. . . . They know the schools, they know the borrowers, they know the state economy, they know the guaranteeing agency, and that`s all a plus in our book.

Only a limited number of states have laws and regulations in effect to protect borrowers.

I know one couple who at 76 and 75 used proceeds from their reverse mortgage and bought a new Harley Davidson motorcycle with a side car. There are basically three types of people who get these loans. There are need-based borrowers, who need the money to supplement what they are getting. There are security borrowers, who are getting by but want to add a reserve to pay for such things as emergency repairs. And there are lifestyle borrowers, who are doing OK on their retirement income but want to add some discretionary income.

(If the amount due is greater than value of the house, the loss is absorbed by the lender. But that`s not common.) Your home continues to appreciate in value, ... It`s not unusual for borrowers to have substantial equity left in their house.