Mortgage Broker

A mortgage broker represents companies that invest in mortgage loans. So the mortgage broker arranges for you to get the financing you need to buy your house, and then checks to see which end lender is interested in buying the paper on that loan. You could go to a mortgage broker in your city and end up with a loan from one of your big banks in town. When you use a mortgage broker, you get your money, and the investor gets an investment. The broker gets a fee for providing the loan. Learn more here about what mortgage brokers do and how to choose the right mortgage broker.

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Reverse Mortgages Need More Regulation, The Comptroller of the Currency Says

Reverse mortgages are growing in popularity. But the dangers they pose to unsuspecting seniors are tremendous, according to the OCC. Also, reverse mortgages are extremely costly, which can be startling, especially if you don't understand all of the costs and fees that go into originating a reverse mortgage. Just because you don't pay out of pocket for a reverse mortgage doesn't mean it's not expensive.

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