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Flex Mortgage

Flexible mortgages help debt problems

Britons are feeling particularly positive about flexible mortgages at present, as they see them as a good way to ward off debt problems. This is ...

Vallas urges City Council to flex its muscle to stop Emanuel's pension bonds

Vallas likened the plan to “mortgaging your home and future paychecks to pay off your credit cards.” The only beneficiaries, he argued, would be Emanuel’s “Wall Street backers.”

They would benefit from yet another “pay-to-play” scheme that could line their pockets with hundreds of millions of dollars in fees, he said.

Vallas served in the administration of Mayor Richard M. Daley as revenue director, budget director and Chicago Public Schools CEO.

“Taxpayers should be outraged that yet another financial boondoggle that will dog the city for decades is being foisted on them,” Vallas said without mentioning Daley’s widely-despised parking meter deal.

“To make this borrowing work, the city will have to pledge future tax revenues to bankers, which means bondholders will take priority over Chicagoans when the city faces a future downturn. This is a form of revenue privatization, pure and simple. … The city is effectively mortgaging more and more of its financial future.

Longbridge Introduces New Private 'Platinum' Reverse Mortgage

“We’re trying to meet clients’ needs, but recognizing first and foremost that this is going to provide more cash at a comparable interest rate [for most borrowers] than alternative products in the market,” Longbridge CEO Chris Mayer told RMD.

The Platinum — a single-draw, fixed-rate reverse mortgage — is currently available through retail and wholesale channels to seniors aged 62 and older in California only. Longbridge plans to expand the program to Arizona, Colorado, Pennsylvania, Florida, Utah, and Virginia within the next few weeks, with a goal of having the loans available in at least 20 states by the end of the year.

In addition to owners of higher-priced homes, the Platinum is aimed at seniors who might want to buy a home with a reverse mortgage, but have found the Federal Housing Administration’s HECM for Purchase program too restrictive. For instance, Mayer said his company has a more streamlined income verification process for the Platinum products, and will consider proceeds when determining the ultimate qualification decision.

Who should get a flex pay mortgage loan?

So my husband and I have found a home that we really love but its out of our price range at the current moment. I have a job in September on hold when I graduate from college and we will be able to afford the house then, but it will probably be gone.

Those loans are generally gone. They are certainly gone if you also don't have a down payment.

The reason they are gone is that they were too high risk for the average person to correctly handle.