Nyc Realtors Malone

Reverse Mortgages In Reverse

Within a week of each other caught my attention.

One was entitled, "Reverse Mortgages Here to Stay;" the other, "2 Big Banks Exit Reverse Mortgage Business."

According to the second article, Wells Fargo and Bank of America which together account for 43 percent of reverse mortgages, will not be taking on any new ones. Both banks have said that they will continue to service their existing loans. According to the "Times" article, MetLife, the third largest provider of reverse mortgages, declined to comment on its business.

Just to remind our readers, reverse mortgages allow home-owners 62 and older to tap into the equity in their homes up to certain amounts depending upon age and other factors without having to make any payments or pay back the loan until it is no longer their primary residence. The lender is insured by HUD against loss, the homeowner is not responsible for more than the amount outstanding, the money may be used for any purpose, but the home-owner is responsible for the payment of property taxes, insurance and maintenance.

For some insights into what may have motivated theses banks to arrive at their decisions, I spoke with John Clarke , a mortgage consultant with Par East Mortgage Company, who is particularly knowledgeable about reverse mortgages.

The first question I put to John was, since HUD insures the lender against loss, what would be a reason that these banks would choose to get out of the reverse mortgage business?

John's response, "I would suggest several possible reasons.I think the key maybe it is true that the loan is insured, if the homeowner does not take up the payments of property tax and insurance, property can be foreclosed, but it is the lender would have to foreclose, the lender would be required to pay taxes and insurance as well as being responsible for property management. And these banks, especially given all the publicity about bailout by taxpayers, do not want to develop a reputation to exclude the elderly. And when you measure the money that these lenders can make on reverse mortgages as compared to other uses of their funds, they have probably concluded that it's just not worth it.

12603 Route 30, Malone | Adirondack Real Estate

Located two miles north of the Adirondack Park, in the Lake Titus area of Malone are 72 acres of vacant land on NYS Route 30, available for purchase. This offering consists of two adjacent parcels, one, 67.1 acres and the other, 5 acres, which have Snake Brook flowing north/south. Views of the surrounding mountains can be seen throughout. Street Address Is Estimated. Contact Richard Yeager of NY Living Realty at 518.963.8181.

Located two miles north of the Adirondack Park, in the Lake Titus area of Malone are 72 acres of vacant land on NYS Route 30, available for purchase. This offering consists of two adjacent parcels, one, 67.1 acres and the other, 5 acres, which have Snake Brook flowing north/south. Views of the surrounding mountains can be seen throughout. Street Address Is Estimated. Contact Richard Yeager of NY Living Realty at 518.963.8181.

Documents of the Senate of the State of New York

... Square Garden 30 00 Madison County Celery 53 Madison Realty 56 70 Magic ... 91 50 Malone Water Works 98 43 Malone Light and Power 106 98 Malone Land ...

Who's who in New York City and State

The Fellows Co. of NY; treas. and director The Lawrence Park Realty Co. ; Mem. ... NY. 1902; admitted to bar, and since then practising in Malone, NY Mason. ...

The economic impact of the Adirondack Park private land use and development plan

United Farm Agency, Town of Plattsburgh, New York. July 31,1976. McClain, William. McClain Realty, Malone, New York. August 20, 1976. McClure, John. ...

Dictionary of American biography

Directory of directors in the city of New York

MALONE. WILLIAM R., 35 Nassau St. Postal Life Insurance Co. of NY, Pres. and Dir . MALOY. ... Republican Club Realty Co., Dir. South Richmond Hill Land Co., ...