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Home Mortgage Definitions and Factiods
Home Mortgage Definitions 1
Adjustable Rate Mortgage (ARM):
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide are agreed to at the inception of the loan.
Alternative Documentation:
The use of pay stubs, W-2 forms, and bank statements in lieu of Verifications of Employment (VOE) and Verifications of Deposit (VOD) to qualify a borrower for a mortgage.
Amortization:
The systematic and continuous payment of an obligation through installments until the debt has been paid in full.
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More Australians are set to retire over the next two decades than at any other time in our history. Whilst equity release products have been available in the United Kingdon and America for several decades now, these products have only been available in the Australian market since about 2004. Capital West discusses reverse mortgages with the Over Fifty Group, a company which for the last 30 years or so, has been providing services to Australian seniors.