Reverse Mortgage of America Introduces Reverse Mortgage Checking.Reverse Mortgage of America Offers QuickChecks(SM) Credit Line Checking SEATTLE -- Senior borrowers can now gain quick and convenient access to their reverse mortgage funds through QuickChecks(SM) reverse mortgage checking, a new product introduced by Reverse Mortgage of America (RMOA RMOA Realtime Multimedia Over ATM (Asynchronous Transmission Mode) RMOA Russian Motorcycle Owners Association ). QuickChecks(SM) gives senior customers the ability to pay for everyday expenses without having to make a written request via fax or mail. This gives borrowers greater independence to use the proceeds of their reverse mortgage when and how they choose. Borrowers simply write a check for point of sale purchases, bill payment or deposit to a bank account; expediting transactions and providing a great deal of convenience. Available since 1989, reverse mortgages enable seniors (62 years and older) to tap the equity in their home to receive payment, either as a line of credit, a monthly stipend or as a lump sum Lump sum A large one-time payment of money. amount. The proceeds are typically tax-free(a). A reverse mortgage is repaid (on the portion taken) when a senior moves out of his or her house. It is a non-recourse loan, meaning the senior will never be required to pay more on the loan than the value of the home. "QuickChecks(SM) provide additional opportunities for seniors across the nation who are eagerly seeking alternate sources of income," says John Nixon John Nixon may refer to:
This new product adds to the innovative collection of reverse mortgage offerings from RMOA, including The Independence Plan(SM) jumbo loan Jumbo Loan Any residential or commercial mortgage with a loan amount exceeding the guidelines of Fannie Mae and Freddie Mac. Notes: Rates tend to be slightly higher on jumbo loans because lenders generally have a higher risk. product. Reverse Mortgage of America is a division of Seattle Mortgage Company (SMC SMC Saint Mary's College SMC Santa Monica College SMC Solaris Management Console SMC Smooth Muscle Cell SMC Small Magellanic Cloud (also see LMC) SMC Safety Management Certificate (maritime shipping) ), a financial institution with total assets of approximately $536 million. SMC has been originating and servicing reverse mortgage loans for more than ten years. The organization is the third largest producer and servicer and the second largest correspondent lender of reverse mortgages in the nation, selling under the brand names Seattle Mortgage and Reverse Mortgage of America. For additional information regarding Reverse Mortgage of America and their new checking program, call 800-233-4601 or log on to www.reversemortgageofamerica.com. (a) Consult a tax advisor A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in . About Seattle Financial Group Seattle Financial Group, a growing network of innovative 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. , is dedicated to constantly meeting the consumer's ever-changing needs. Comprised of Seattle Mortgage, Seattle Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , Seattle Escrow, Seattle Capital, Reverse Mortgage of America and other brands, the company provides real estate financing, savings products, and associated services for all stages of life. General information about the company can be found at www.seattlefinancialgroup.com or by calling 800-233-4601. |
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