Emanuel Stewart - Reliant Home Lending

A reverse mortgage and a home equity conversion mortgage (HECM) are both types of loan products that allow homeowners to tap into the equity they have built up in their homes. However, there are some important differences between the two. A reverse mortgage is a type of loan available to homeowners who are 62 years of age or older. With a reverse mortgage, the lender makes payments to the borrower, which can be taken as a lump sum, line of credit, or regular payments. The loan is paid back when the borrower dies, sells the home, or permanently moves out of the property. On the other hand, a home equity conversion mortgage (HECM) is a specific type of reverse mortgage that is insured by the...

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Getting a mortgage is a significant financial decision, and it is crucial to ensure that you are financially prepared before applying for one. Conducting a quick financial health check before applying for a mortgage can help you determine your financial standing and your ability to afford a mortgage payment. Here are some reasons why you should consider conducting a quick financial health check before applying for a mortgage: Check your credit score: Your credit score is an important factor that lenders consider when deciding whether to approve your mortgage application. Check your credit score to see where you stand and take steps to improve it if necessary. Review your debt-to-income ratio: Lenders will also look at your debt-to-income ratio, which is the amount of debt...

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Last week’s economic reporting included readings on U.S. housing markets, sales of previously-owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released. NAHB: U.S. Home Builder Confidence Rises in May The National Association of Home Builders reported a five-point gain in home builder confidence in current housing market conditions in May. The index reading for May rose to 50 in May as compared to April’s reading of 45. Analysts expected a reading of 45 for May. Readings above 50 indicate a majority of home builders are positive about current housing market conditions. Component readings of the home builder index also rose as the gauge for current market conditions rose by five points to 50; the reading...

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A land survey is an essential tool that is used to determine the exact boundaries of a piece of land or property. It is often required when buying, selling, or dividing land, and is also important for resolving property line disputes. Process: The process of land surveying typically involves a licensed surveyor visiting the property to take precise measurements and create a detailed map or plan of the land. This may include identifying any physical features of the property, such as trees, buildings, or natural landmarks, as well as any easements or encroachments. Types: There are several different types of land surveys, each with its own specific purpose. For example, a boundary survey is used to establish property lines, while a topographic survey is used...

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A bridge loan, also known as interim financing, is a short-term loan used to provide temporary financing until a borrower secures long-term financing or sells an asset. Bridge loans are commonly used in real estate transactions, such as when a buyer needs to close on a new home before selling their current home. Bridge loans are typically secured by the borrower’s current property, which serves as collateral. The amount of the loan is determined by the equity in the borrower’s property and the value of the property they are purchasing. The loan is intended to bridge the gap between the purchase of a new property and the sale of the existing property. Bridge loans often have higher interest rates and fees than traditional loans, due...

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