Search results
Results from the WOW.Com Content Network
One-time lump sum payment — the only option available for a fixed-rate reverse mortgage Fixed monthly payments for a set amount of time A line of credit that can be accessed until it’s used up
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
If the borrower’s heirs want to keep the home, they can simply take out a new mortgage on the house to pay off the balance of the reverse mortgage. This is much like refinancing the loan as the ...
In 2012, Tulsa was ranked second for young people to find a job by the Fiscal Times. [14] Engine Advocacy ranked the Tulsa metro as being one of the fastest growing high tech cities in the nation, 2010-2012, [ 15 ] and the city was expected to have continuous growth throughout 2013. [ 16 ]
BOK Financial Corporation — pronounced as letters, "B-O-K" — is a financial services holding company headquartered in Tulsa, Oklahoma.Offering a full complement of retail and commercial banking products and services across the American Midwest and Southwest, the company is one of the 50 largest financial services firms in the U.S., [2] and the largest in Oklahoma.
A reverse mortgage is not free money — interest and fees will be added to your mortgage balance each month. That means the amount you owe on your mortgage will go up.
A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities. The mortgage servicer may be the entity that originated the mortgage, or it may have purchased the mortgage servicing rights from the original mortgage lender. [ 1 ]
The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), for borrowers ages 62 and older. Some reverse mortgage lenders offer other options for borrowers ages 55 and ...