| Author |
Message |
|
|
 ravik
Joined: 07 Sep 2007
Posts: 22
10.42 Dollars($)
|
 Posted: Fri Sep 07, 2007 9:47 am Post subject: Information on commercial and reverse mortgage |
|
|
Hi Everybody! i an new to this community. I am a loan processor with 2 years experience in US mortgage loan processor and i really love the kind of work that i am doing. But with the recent condition of the US mortgage industry, many of my brokers are turning to commercial and reverse mortgage loans. But i dont have much knowledge about these. So can you people provide me with a website link which provides information as to how to process a commercial and reverse mortgage loans. Your help with be appreciated.
Regards,
Ravi |
|
| |
|
 |
miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
|
| Posted: Fri Sep 07, 2007 1:55 pm Post subject: |
|
|
Let me tell you something about reverse mortgages.
Reverse mortgage are basically for senior citizens aged 62 or more.
Any senior citizen can take a reverse mortgage loan on the basis of equity in his home. The loan amount can be received in one lump sum or as fixed monthly payments.
Senior citizens do not have to make monthly repayments for this type of loan unlike most other type of loans. The full loan amount is to be repaid the house is sold, the borrower dies or permanently moves out of the house. Other thing about reverse mortgages is that the amount owed on the mortgage can never be more than value of the house.
Miller |
|
| |
|
|
ravik
Joined: 07 Sep 2007
Posts: 22
10.42 Dollars($)
|
| Posted: Fri Sep 07, 2007 2:03 pm Post subject: Thanks Miller !! |
|
|
for all the information that you provided. So i understand what is a reverse mortgage. But i need information so i that i can efficienlty process reverse / commercial loans for my broker. Do you know any website from where i can access the materials.
Ravi |
|
| |
|
|
miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
|
|
| |
|
|
carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.40 Dollars($)
|
| Posted: Fri Sep 07, 2007 4:44 pm Post subject: |
|
|
"But with the recent condition of the US mortgage industry, many of my brokers are turning to commercial and reverse mortgage loans. But i dont have much knowledge about these. So can you people provide me with a website link which provides information as to how to process a commercial"
Commercial mortgage is similar to residential mortgage but the difference is that collateral used for such type of mortgage is a commercial property & not a residential property.
Borrower for commercial mortgage can be a incorporated business, limited company or partnership. So assessing credit worthiness of the business is more complicated than what its for residential mortgages.
Please also have a look at this wikipedia webpage for more info on commercial mortgage like underwriting standards, rates, and agency mortgages: http://en.wikipedia.org/wiki/Commercial_mortgage |
|
| |
|
|
JRY
Guest
0.10 Dollars($)
|
| Posted: Sun Sep 09, 2007 8:47 am Post subject: |
|
|
I run a reverse mortgage blog that will help keep you up to date on the industry... feel free to check it out.
reversemortgagedaily.com
feel free to drop me an email if you have any questions jry at reversemortgagedaily.com[/url] |
|
| |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1403
Location: florida
235.65 Dollars($)
|
| Posted: Mon Sep 10, 2007 4:56 am Post subject: RE: Welcome message |
|
|
Hi JRY,
Welcome to our forums.
I checked out your blog. It has some good reading stuff indeed.
Hope you will your stay in our forums.
Good luck
_________________
Mortgage Shopping made easy with booklet |
|
| |
|
|
