Tag: <span>Condominiums</span>

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TWO APPROVALS, PLUS COLLATERAL

Two approvals take place when you apply for a loan.  Lenders review both your credit and income, and the collateral. The collateral must be sufficient for the loan to be approved.  What if the collateral is a condominium? When the collateral is a condominium, there is increased scrutiny by the lender. This is due to...

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IS REVERSE MORTGAGE RIGHT FOR YOU?

One way to understand what reverse mortgage is, is to understand forward mortgage. A forward mortgage is the mortgage you know, you borrow money, the loan is secured by your home and you pay it back. For the reverse mortgage, you also borrow money, the loan is secured by your home, but you don’t have...