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Austin mortgage exec to lead new Texas lender
Cannatti formerly was the Texas area manager for Cherry Creek Mortgage Corp. He held other positions with Network Funding LP, Countrywide Home Loans and 1st Metropolitan Mortgage. He has served as president of the Austin Mortgage Bankers 

BancorpSouth, Inc. (BXS): BancorpSouth Management Discusses Q4 2013 ...
I know many of you saw yesterday's announcement regarding our planned market expansion into central Texas, as well as our announcement a couple of weeks back regarding our plans to further enhance our presence along the I-20 corridor in Louisiana

Amegy Bank N.A. Announces Kirk Wiginton Has Been Elected Chief Executive ...
With more than 30 years of experience in banking, Wiginton began his career at Allied Bank of Texas in Houston as a loan officer after attending the University of Texas at Austin, where he earned a Bachelor of Business Administration in finance and

First-Time Homebuyers Mortgage Special $500 Lender Credit At Closing
Austin, TX -- Jan 15, 2014 / ( -- Open Mortgage started the New Year offering a mortgage special $500 lender credit at closing for first-time homebuyer applications taken from January 1 through March 31, 2014. Scott Gordon, CEO

Austin Texas Mortgage | Capital City Lending

Breaking Story! Mortgage Rates are still low! Austin Texas Refinance. Capital City Lending explains. Give us a call at (512) 782-8349 or visit us ...

For some elderly Americans, mortgage rules herald harder struggle

AGAWAM, Mass. (Reuters) - Lloyd Nicholas, 82, and his wife Gloria Hitchcock, 69, sat next to each other as they received counseling on a reverse mortgage, a loan that would allow them to cash out the equity in their home, pay off a mountain of bills and live comfortably as they age in the house they built 50 years ago.

But a change in rules on Monday by President Donald Trump’s administration will shrink the amount they are set to get by more than $20,000. Without that money, they said, they will not be able to keep up with property taxes that they are already struggling to pay, afford increasingly frequent trips to the hospital and deal with unexpected expenses.

“This past week, I had to get my sewer pumped out for $360 dollars,” Hitchcock said. “$360 dollars! It’s adding up and we’re falling behind.”

The couple are among many elderly Americans who scrambled to secure reverse mortgages ahead of new restrictions that could put the loans out of reach for some or deliver substantially less money to others. As a result, more than a dozen mortgage counselors and lenders told Reuters they expect a significant drop in the loans from Monday.

Shared equity mortgage gets family into dream home

With a shared equity mortgage, a lender provides part of the down payment. But instead of monthly payments from the borrower, the lender gets part of the equity gained when the borrower sells the home.

The deal may or may not include repayment of the original amount borrowed, says Atlanta-based Down Payment Resource , (DPR), the nationwide database for homebuyer programs.

“Municipal shared equity programs have been around for a long time, and today, we are seeing more private investors enter the market,” says Rob Chrane, CEO of the DPR.

He remarks that because this home financing model trades some of a homeowner’s value in the house, buyers should carefully evaluate all their down payment program options.

Who offers shared equity mortgages?

DPR currently tracks 33 shared equity programs. Most come from local governments, non-profit or universities. In high-cost markets like San Francisco, private investors may help buyers finance more expensive homes.