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Arlo reverse mortgage calculator10/19/2023 ![]() So if a loan has $10,000 in costs, we have to show you all of those costs even if we give you a $10,000 credit to pay them.īecause the pricing is good enough now that, as a direct lender, we can pay costs for borrowers when possible and keep the lights on! The pricing we receive when we sell loans in the secondary market will not always be enough to pay borrowers’ costs.Īnd because we receive compensation based on the amount of the loan the borrower draws at closing, we cannot pay costs in all instances. If we send you a proposal showing that we are giving you credit to pay costs, that is money we must pay to cover the expenses shown on the estimates.Įven if we give you credit to pay a cost, we must still disclose all costs in a transaction and who is paying it. I’ve had some borrowers question me and ask if a lender credit meant we just added the charge onto the loan balance or somewhere else. This reduces the charges significantly, but since many also contain lender credits, we give the borrower’s money at closing to help pay the other costs. Most of the loans we are doing currently have no origination fees (many lenders charge up to $6,000 for this fee alone). The pricing for lenders at this time is advantageous enough on the higher draws that we can often waive origination fees, give credits to borrowers to help pay their costs and, in some cases, pay the entire up-front costs of their reverse mortgage (except the counseling fee which HUD will not allow lenders to pay for borrowers). If they did as you say, they could be challenged in court and their scheme would soon be laid bare before a judge.Mortgages are valued by lenders based on the initial draw that the borrower takes. And then you allege that the law enforcement in the area are all on Champion's payroll as well? It would take more than that. You're alleging that all insurance companies are in on it with Champion and take their word for changing their insured's policies? I'm sorry, I cannot believe this allegation without proof - even if I do not care for Champion myself. They must take direction from their insured borrower (believe me, we tell borrowers all the time when they ask us to call the insurance company on their behalf when changes are needed that it needs to come from them - that unfortunately, the borrower must be the one to make the changes because insurance companies will not take this direction from us). And insurance companies are not allowed to take direction from lenders in the first place. If a lender were to "sneak in and change an insurance policy", since they are listed as an additional insured party, it would be to their benefit to raise the coverage, not lower it. Some of the things you allege don't even make sense. Is THIS $32,950.50 now part of his estate or is it Well's money? I have tried to call the RM department, but I keep getting disconnected. We were trying to get $30,000.00 to get him in the rehab but it was never distributed. The current outstanding Principal balance was $207,843.30 but then I see Growth on Principal that says $32,950.50. Going through some paperwork I came across a statement issued after he died. ![]() We did not want his house, so we let it go back to Wells in a deed in lieu and the house was sold shortly afterward. He died suddenly before the money could be deposited. We requested most of the balance on the line of credit that he had on the RM to help get him into the assisted living, but Wells dragged their feet contacting him back which delayed the money being deposited into his account as he had requested. At the time of his death we were trying to get him into a rehab facility temporarily and he had a reverse mortgage with Wells Fargo. Can I sue Wells Fargo for predatory loans? And does any Real Estate lawyers handle them? Now my mom needs more money because she lives in a assisted living. I believe Wells Fargo had taken advantage of my parents. Is it legal to have a reverse mortgage and have them talk my dad into an annuity? My mom sold her home this past August 2021 for $834,000 but only received $134,000. ![]() I was told by the mortgage broker that most of the equity was gone after 9yrs. I checked to refinance it for a better interest rate but was told my mom would have had to pay 80% back to refinance it. They had $2,400 and more added to their loan every month. Their interest rate was 5.75 and added so much interest to their loan every month. Also Wells Fargo financial people had them use their IRAs which was over $100,000 for annuities. ![]() I feel my parents were taken advantaged not knowing much about reverse mortgages. Their mortgage payment was only $900 a month. My parents took out a reverse mortgage from Wells Fargo in 2009.
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