Join  |  Login  |   Cart    

Notary Rotary
Just PoliticsLeisure
Welcome to the Notary Talk General Discussion Forum. Before posting, please read the


Re: After years of Reverse Mortgages, I am now seeing LESA
Posted by Art_FL of PA on 7/22/19 9:10am Msg #608591
Good clear article.

This LESA protects borrowers who could lose their homes after taking out an RM. Before the RM, a borrower who is in financial trouble at least has the equity in the house. After the equity is extracted, a borrower who is unable to pay taxes and insurance will lose the house then. Of course there is PMI so we (taxpayers) will end up compensating the lender.
There are certainly some cases where people can't afford their homes and perhaps should make better arrangements than burning through their equity and losing the house later.
PrevNextReturn to General Discussion    Post a Public Reply to this MessageSend Author a Private Message


Messages in this Thread
 After years of Reverse Mortgages, I am now seeing LESA's pop -  Scriba/NM on 7/21/19 7:11pm
 Re: After years of Reverse Mortgages, I am now seeing LESA - Art_FL on 7/22/19 9:10am
 Thanks for the great article. Yes, RM requirements have -  MW/VA on 7/22/19 1:20pm
 Re: After years of Reverse Mortgages, I am now seeing LESA -  Amigoaz on 7/22/19 5:03pm
 I had one yesterday - the person owed 6 years of back taxes. -  Scriba/NM on 7/23/19 2:19pm



 
Find a Notary   Notary Supplies   Terms   Privacy Statement   Help/FAQ   About   Contact Us   Archive  
 
Notary Rotary™ is a trademark of Notary Rotary. Copyright © 2002-2019, Notary Rotary, Inc.  All rights reserved.
500 New York Ave, Des Moines, IA 50313.