Loan Just For Divorce Cases...

 If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it.

Use an Owelty loan to get the cash out of your home instead.

The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates – which are higher).

You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan.

So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.

…or, better yet – just give us a call and we can help you!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett.

 

Get Pre Approved For A Loan Here
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Two Common Reverse Mortgage Questions...

 I wanted to address the two most common questions that I get regarding reverse mortgages…

Question: What happens if I die? Will the lender be taking my house?

Answer:   No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.

Question: What happens if the loan balance becomes greater than the value of my home?

Answer:  No matter how large the loan balance becomes,  you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principle residence. Besides, you will never owe the lender more than the value of your home. HUD will pay the shortage for you if there is any.

If you or someone you know has questions about reverse mortgages please have them reach out to our office.  We'll be happy to help them!

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

How To Use Foster Care Income To Get A Mortgage...

 If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog