San Jose-based EquiFi Corp., a provider of shared equity financing products, announced Thursday that it hired Paul Giangrande as a corporate executive vice president and president of its mortgage division. Giangrande previously served as president of AmeriCash Mortgage and has more than 30 years of experience in the financial services and mortgage arenas. At AmeriCash,
Top 10 reverse mortgage industry lender South River Mortgage is aiming to focus on its strengths. In addition to offering a proprietary reverse mortgage product option and transitioning last year from a broker to a direct lender, the company is focusing on its core business while staying engaged with the broader industry dynamics. South River
The program is only for primary residences and the first mortgage must have a minimum seasoning period of 24 months. The maximum loan amount is $78,277. Freddie Mac will be allowed to purchase up to $2.5 billion in second mortgages over a period of 18 months. “The thoughtful engagement from public stakeholders confirmed the value
Smiling elderly mature family couple putting signature on agreement with real estate agent getty It feels like everything costs more these days—and some homeowners are looking for ways to increase cash flow without invading retirement assets. One way to do that? Reverse mortgages. Reverse mortgages are a creature of federal law. As part of the
Key takeaways Under the Equal Credit Opportunity Act, lenders can’t discriminate against applicants because of their age. As a result, seniors — like people in other age groups — can get mortgages if they meet a lender’s approval criteria. However, seniors may find it harder to qualify for a new home loan if they have
“What if homeowners could tap into home equity without taking on debt?” When Hometap launched in 2017, the Boston-based fintech offered an unorthodox answer to this question for homeowners looking for an alternative to a loan. Through a home equity investment, homeowners can receive cash upfront in exchange for a share of the home’s future
Key takeaways To qualify for a home equity loan or line of credit, you’ll typically need at least 20 percent equity in your home. Some lenders allow for 15 percent. You’ll also need a solid credit score and acceptable debt-to-income (DTI) ratio. Lastly, lenders will want to see steady and adequate income, even if you