CircleLending Debuts Family Advantage, a Private Alternative to Reverse Mortgages.WALTHAM, Mass. -- CircleLending, Inc., the leader in formalizing and servicing mortgage loans between friends and family, today announced an innovative private lending product, Family Advantage. Through Family Advantage, people can arrange private loans that feature the benefits of traditional reverse mortgages without the drawbacks. Family Advantage loans are more flexible and eliminate many of the costs and restrictions those who need a reverse mortgage face. Family Advantage is a line of credit funded by relatives or friends of a homeowner and secured by real estate. For many retired homeowners Family Advantage is a less expensive alternative to a reverse mortgage. CircleLending does not require mortgage insurance, origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. , closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, or set asides. The costs of setting up a Family Advantage loan are 1/3 the cost of a traditional reverse mortgage. Additionally, there are no age requirements, and CircleLending allows homeowners to borrow against any home, not just a primary residency. Family Advantage keeps property in the family while still generating a lump sum Lump sum A large one-time payment of money. , a steady stream of income, or both. With a traditional reverse mortgage, the home must be sold or the outstanding mortgage paid off, but with a Family Advantage loan managed by CircleLending, the home can stay in the family. "CircleLending's Family Advantage product enables the homeowner to receive cash knowing that relative or friend - not an institution - is building equity in the home," said Asheesh Advani, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CircleLending. "From the lenders standpoint, if you plan to provide financial support to your parents, creating a Family Advantage loan may be the smartest way to do so. You can keep the family home in the family, and the financial and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the benefits are compelling." CircleLending provides documentation, professional service and complete record-keeping for every Family Advantage loan. To learn more about the Family Advantage Product, please visit www.circlelending.com. About CircleLending, Inc. CircleLending is a rapidly growing financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company uniquely serving the needs of the interpersonal lending market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company provides loan documentation, payment processing, and loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. in order to facilitate private loan transactions between relatives, friends, and other private parties. CircleLending provides the general public with a variety of free guides that help individuals make informed decisions about structuring and managing private loans. |
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