Jeri Carmicheal's (jcarmicheal) Blog

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Mortgage and Lending - Fresno/Clovis/Visalia/Madera and surrounding communities - NMLS ID# 582935

ARCHIVED BLOG POSTS

2011 

  Although a reverse mortgage does have some impact on your heirs, that impact is mostly from their uncertainty of whether or not they will be personally responsible for paying off the debt.A reverse mortgage is a non-recourse loan secured by the property.  The lenders only recourse is to the pro...
05/21/2011
You don't have to own your home free and clear in order to qualify for a reverse mortgage. In fact, most reverse mortgages are used primarily to payoff the existing home loan. Using a reverse mortgage to payoff the existing loan enables the homeowner to have some financial breathing room by elimi...
05/17/2011
Not at all.  A reverse mortgage is a loan against the property.  Just like the mortgages most of us have on our homes.  It has terms and conditions that the borrower and lender must agree to and if the borrower does not fulfill those conditions the lender may foreclose. The borrowers responsibili...
05/15/2011
  I live in a mobilehome and am over 62, can I get a reverse mortgage? Many mobilehomes (now referred to as Manufactured Homes) can qualify for a reverse mortgage if they conform to FHA Guidelines.  the basics of the guidelines are as follows: The home must be constructed after June 15, 1976 It m...
05/06/2011
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Jeri Carmicheal

Experienced Reverse Mortgage specialist in Fresno
local_phone(559) 903-6903
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