![]() ![]() tell us what happens to judys mother will she live on the street What is the answer to the question above. We are both in our 80’s and do not need this get the monthly payments direct from our bank.They send people to our home 6 times yearly to check to see if we still live in our home,then they claim we donot have insurance, then they buy insurance from their insurance provider and add it on to our bill, they have run up a large bill on us.We proved several times we have insurance from day one, they just keep on harassing us. OF COURSE SHE WILL NOT HAVE TO IT BACK CORRECT? THANK YOU FOR YOUR TIME. SO WHAT HAPPENS IF SHE CANNOT PAY FLOOD INSURANCE? AND IF SHE DOESN’T? AND LASTLY, CAN SHE DRAW OUT ANY EQUITY IN HER HOME AFTER 6 MONTHS OF DOING THE REVERSE MORTGAGE. ALL OF THESE COSTS ARE BREAKING HER DOWN. SHE ALSO HAS TO PAY HOMEOWNER’S INSURANCE. MOM IS ON A FIXED INCOME BUT YET HAS TO FOOT THE BILL ON SO MUCH THAT IS NOT HERS. SO THE BANK NOW OWNS HER HOME, SO WHY DOES SHE HAVE TO PAY PROPERTY TAXES ON A HOME THAT IS NOT HERS? ALSO SHE HAS TO PAY FLOOD INSURANCE, $1200 EVERY SEPTEMBER AND THE NEIGHBORS ACROSS THE STREET ONLY HAVE OT PAY $400. MY MOTHER RECENTLY GOT A REVERSE MORTGAGE. I owould like to know how much money I could get on my reverse mortgage lone from BA Any questions, I would be happy to answer 80 And that is important to the senior for the term of loan. There are other lenders that are good, just not as good in customer service after the loan is completed. B of A also pays for the monthly servicing fee that used to be $25-$35 per month. On May 7th 2010, Bank of America pays the MIP and we have brought our origination fee to zero. I am a Reverse Mortgage Lender since 2004 and we use Bank of America as our preferred lender 90% of the time. We are polish-senior,66 and 68 old years,interesing REVERSE MORTGAGE ‘please contakt in polish lingue,tel.+48603226272 Outside of the standard personal checking and savings accounts, BOA is a key player in the investment and wealth management business and offers a flexible array of contemporary investment tools for personal and small business online and offline.Ĭorporate products and services include: financial advisors in every major area of business and industry, asset managers, investment traders, and global portfolio managers.Ģ0 Responses to “Bank of America Reverse Mortgages” Other Bank of America Products and Servicesīefore BOA was in the home equity and reverse mortgage business it grew its reputation on retail banking-products and services for individuals and businesses. Interested to know exactly how much you’d qualify for with one of these products? Use Bank of America’s reverse mortgage calculator to find out. ![]() Other flexible options: option to refinance without extra cost, option to draw more cash regardless of credit line.īorrowers for either the HECM or the Senior Equity Reverse Mortgage are required to pay for fees associated with the loan processing and closing fees, between $2,000 and $10,000. Safeguard, or “preserve,” a percentage of the home’s equity for heirs (Equity Preservation component).Finance closing costs and fees and pay no money down at closing.Retain title to the home and never owe more than the value of the home.Remain permanent residents of their home.No credit check or income requirements.Designed for senior homeowners age 62 or older.The Senior Equity Reverse Mortgage Platinum borrower features include: Department of Housing and Urban Development’s Home Equity Conversion Mortgage, which is federally insured, and its own proprietary product, the Senior Equity Reverse Mortgage Platinum. ![]() ![]() Now the Bank of America reverse mortgage business is one of the more vigorous in the nation.īank of America offers senior customers two flexible reverse mortgage products, the U.S. In 2007 BOA bought out Reverse Mortgage of America and absorbed its hefty reverse mortgage business into the BOA home equity division. Reverse mortgages are a relative new business for Bank of America. Reverse Mortgage Loan Products and Services from BOA ![]()
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