ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/20/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016108432

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

The recent  exit of Wells Fargo from the reverse mortgage industry will become a  critical point in time for lenders and mortgage companies with plans to service  the financial needs of seniors.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Wells Fargo, the nation’s largest reverse mortgage lender,  was the kingpin in the industry in more ways than one. It had 26.2 percent  market share, according to the latest data from Reverse Market Insight, the  largest network of reverse mortgage professionals and a money-making operation.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

With Wells gone, now all of the reverse mortgage industry’s  big-name players have left the business this year. Financial Freedom, Bank of  America and Seattle Mortgage preceded Wells Fargo’s exit. Like the others,  Wells Fargo indicated it was closing the reverse component to focus on its core  mortgage business, or “forward” mortgages.

The bottom line is that anyone over the age of 62 who wishes  to tap the equity in their home without making a payment to repay the debt will  now have to show the ability to pay the property taxes and homeowners insurance  needed to stay in the home. While seniors have never had to qualify to obtain  the “conforming” Home Equity Conversion Mortgage (HECM) insured by  FHA, the writing is now on the wall if the industry has any hope of succeeding.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

The concept is not new for jumbo reverse mortgages.  Atlanta-based Generation Mortgage targets owners with homes appraising between  $500,000 and $6 million. Borrowers are required to show that they have the  means to pay the taxes and insurance on their home. Unlike the popular HECM (Home Equity Conversion Mortgages),  the jumbo reverse mortgage requires no mortgage insurance, but the interest  rate on the program is higher.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE 

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Reverse mortgage funds can be distributed either in a lump  sum, regular monthly payments, line of credit or in a combination of those  options. When the house is sold, or the last remaining borrower dies or moves  out of the home, the loan amount plus the accrued interest is repaid. The  borrower can’t owe more than the value of the home.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011

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