Saturday, May 3, 2014

Quicken Loans doesn't do safe, first lien HELOC's or REHELOC's but hey, they gotta a great deal on a Reverse Mortgage, lol.

Respect I may have thought I had for Quicken Loans went out the door when I discovered they presently do not offer first lien HELOC's or first lien REHELOC's, but would be more than happy to put me into a reverse mortgage that over time might result in 70 to 80% of the entire home's equity going to the mortgage insurance premiums and interest rate charges on the equity taken out of the home, also known as a long term rip off program, no?

So HUD, by pushing HECM's, has effectively throttled responsible homeowners who have no mortgage but would like to pull equity out of their home via a first lien HELOC, or, pay off their present first lien HELOC with a new HELOC, aka a first lien REHELOC.

I'm just shocked at how horribly our government is treating retiree's who responsibly paid of their homes and are asset rich but cash poor and can easily collateralize any equity taken out of their homes because they don't have a mortgage.

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4 comments:

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