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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated.

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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.

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The share of owner-occupants buying foreclosures has doubled — here’s why

Housing Wire

The increasing share of owner-occupant buyers is also evidence that extremely tight housing inventory is prompting more retail buyers to take on the additional challenges that come with buying a distressed property at auction. Department of Housing and Urban Development (HUD) in August 2022.

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Is time the enemy of equity for chronically distressed homeowners?

Housing Wire

That’s because the unpaid loan balance continues to grow for delinquent mortgages due to unpaid interest, property taxes and insurance. When the mortgage balance is increasing at a faster pace than home prices, more time in foreclosure only digs a deeper home equity hole for distressed homeowners. Of more than 8.7

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Mr. Cooper exits reverse servicing space with sale to MAM

Housing Wire

Mortgage servicing, origination and transaction-based services company Mr. Cooper Group announced on Tuesday the sale of its reverse mortgage servicing portfolio – operating under the Champion Mortgage brand – to Mortgage Assets Management (MAM).

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Deciding on Your Starter Home: 5 Key Factors to Consider

Eppraisal

Researching the neighborhood's development plans and trends can offer insights into its future prospects. Beyond the purchase price, factor in additional expenses like property taxes, insurance, maintenance, and utilities. Research the local real estate market and analyze trends in property values and demand.

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Opinion: How did homeowners get into home equity prison?

Housing Wire

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. Just for a moment, let’s imagine a world in which a person purchases a home shortly before a global pandemic.

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