Posts tagged: Principal Interest

Stated Income Second Mortgages: Understanding No Income Verification Loans

What is a stated income second mortgage? A stated income second mortgage is one that does not require the borrower to prove income stated on the application. This is most advantageous to self employed and contract workers who receive a 1099 instead of a W-2 as they would have a difficult time proving their income. [...]

Saturday June 19th, 2010 in , , , , , , , , , , , , , , , , , , , , | No Comments »

Reverse Annuity Mortgage Tapping Into Your Equity

Reverse annuity mortgages (RAM) were created to allow older Americans to tap into the equity of their paid for or nearly paid for home. Homeowners receive a tax-free payment each month, and the mortgage is paid when the home is sold. Before you choose a RAM, make sure you have evaluated the risks since this [...]

Saturday April 24th, 2010 in , , , , , , , , , , , , , , , , , , | No Comments »