February 26, 2009

Reverse Mortgages at Quicken Loans

Now there is an additional way for affiliates to earn commission with One Reverse Mortgage a Quicken Loans company!

A reverse mortgage from One Reverse Mortgage gives senior homeowners a powerful financial tool to use the equity in their homes to eliminate their monthly mortgage payment and/or supplement their income.

Our Loans are approved by the Federal Housing Administration and is also a proud member of NRMLA, the National Reverse Mortgage Lenders Association.

Common Myths about Reverse Mortgages

MYTH #1: Lender takes the title to your home

This is not true!

The title on a reverse mortgage is no different than any other mortgage you’ve ever had – only the homeowners are on the title. When the house is sold or becomes vacant the loan must be re-paid, but the title is never negotiable.

MYTH #2: You need good credit for a reverse mortgage

This is not true!

A reverse mortgage is only based on your home’s equity and the borrower’s age. Income and credit are not qualifying factors.

MYTH #3: Reverse mortgage borrowers owe more than their home is worth

This can never happen.

Reverse mortgage borrowers keep title to their home and can never owe more than their home is worth, regardless of the loan balance.

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