Are bank statements sufficient to prove SS income? Is an award letter needed all of the time?
For SSI, the mortgagee must obtain any one of the following documents:
federal tax returns
the most recent … Read More
What is HECM for Purchase?
HECM for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
What is the purpose of the … Read More
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity … Read More
The Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) loan limits for Traditional HECM, HECM for Purchase, and HECM-to-HECM refinances are governed by the maximum claim … Read More
Monthly Libor Index
Annual Libor Index
LIBOR (London Interbank Offered Rate)
The interest rate participating banks offer to other banks for loans on the London market. LIBOR is the most widely … Read More