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alternatives to reverse mortgages

Equity Key: Reverse Mortgage Alternative. Contact Shary or Mary at 1-888-248-7650

Introducing a new and innovative way of putting your commercial and residential property to work. If you are 65-85 years old discover an easy way ...

Ditech selling forward, reverse mortgage businesses | 2019-06-18

Both agreements in the court-supervised sales label the buyers as “stalking horse bidders,” meaning that if a better offer comes along, Ditech can bail on the deals and set up an auction to allow all bidders to compete for the sale.

The agreements are also subject to approval in Bankruptcy Court.

According to New Residential, its side of the deal includes Ditech’s forward Fannie Mae , Ginnie Mae and non-agency mortgage servicing rights, with an aggregate unpaid principal balance of $63 billion as of March 31, 2019, the servicer advance receivables related to the MSRs and other net assets essential to the forward origination and servicing businesses.

New Residential will also assume some of Ditech’s offices and said it plans to make employment offers to an undisclosed number of Ditech employees.

The final purchase price will be determined at closing based on the tangible book value of the related assets, subject to certain adjustments, New Residential said, adding that it expects to finance the acquisition of these assets with existing financing facilities and cash on hand.

Inside Reverse Mortgage Alternatives: QuantmRE

“Many of these people don’t qualify for reverse mortgages. They’re in their late 50s, and they find themselves in a position where they’re close to retirement age, they have – if settled in Southern California – potentially hundreds of thousands of dollars of equity.”

How it works

Sullivan described for RMD the ways that QuantmRE’s formula works. “We take two-and-a-half times the percentage of the value of the property that you release as the percentage of the increase in value,” he said. As an example, if a potential customer has a million dollar home and releases 20 percent of its value, they release $200,000. If ten years go by and the value of the home increases to $1.1 million, then the sale of the home is the point at which QuantmRE will collect its return on investment.

“[After the sale], you pay us back from the sale proceeds the original $200,000, and we use our multiples. So, we take the 20 percent, which was the value of the home that you released, we multiply that by 2.5, so we would take 50 percent of the increase in value, which would be $50,000. That would be our return on investment,” Sullivan said.

Are there any alternatives to Reverse Mortgages?

My gram is 63 and is paying her mortgage every month but doesn't have much else left over. She owes $179,000 on a house worth $210,000 in this market. Is there any alternative to a reverse mortgage where she wouldn't have to make a monthly payment?

sell the house and move into a senior apartment that she can afford. she'll have SS income when she retires. she should put the proceeds from the sale of the house into an investment vehicle appropriate to her age, need for cash, etc.

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