A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance. Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower is generally not required to repay any additional loan balance in excess of the value of the home.
Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.
The Rural Business-Cooperative Service is one of three agencies within USDA Rural Development responsible for administering various economic development programs to rural communities in the United States and its territories. Because these three agencies are closely aligned, they are commonly referred to as the USDA Rural Development, Business & Cooperative Programs.
The Rural Housing Service (RHS) is an agency of the United States Department of Agriculture (USDA). Located within the Department's Rural Development mission area. RHS operates a broad range of programs to provide moderate- low- and very-low-income Americans in rural communities with:
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices". The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.
A loan guarantee, in finance, is a promise by one party to assume the debt obligation of a borrower if that borrower defaults. A guarantee can be limited or unlimited, making the guarantor liable for only a portion or all of the debt.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. The Farm Credit System provides more than $304 billion in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives.
The Federal Family Education Loan (FFEL) Program was a system of private student loans which were subsidized and guaranteed by the United States federal government. The program issued loans from 1965 until it was ended in 2010. Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education.
Federal Student Aid (FSA), an office of the U.S. Department of Education, is the largest provider of student financial aid in the United States. Federal Student Aid provides student financial assistance in the form of grants, loans, and work-study funds. Federal Student Aid is also responsible for the development, distribution, and processing of the Free Application for Federal Student Aid (FAFSA), the fundamental qualifying form used for all federal student aid distribution programs, as well as for many state, regional, and private student aid programs. Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
Graduate PLUS is a type of federal student aid, in the form of student loans, which is available to graduate and professional students. Similar to the Parent PLUS loan for parents of dependent undergraduate students, the Graduate PLUS loan is an unsubsidized federally guaranteed education loan with no annual or aggregate limits. It has no grace period and it goes into repayment as soon as the funds are disbursed to the borrower. It has the same deferment and forbearance options as the federal Stafford loan program. As such, graduate and professional students can postpone repayment using in-school deferment while enrolled at least half-time in a degree or certificate program of study.
A mortgage loan or, simply, mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Student loans are a form of financial aid used to help students access higher education. Student loan debt in the United States has been growing rapidly since 2006, rising to nearly $1.4 trillion by late 2016, roughly 7.5% GDP.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. Loan modifications have been practiced in the United States since The 2008 Crash Of The Housing Market from Washington Mutual, Chase Home Finance, Chase, JP Morgan & Chase, other contributors like MER's. Crimes of Mortgage ad Real Estate Staff had long assisted nd finally the squeaky will could not continue as their deviant practices broke the state and crashed. Modification owners either ordered by The United States Department of Housing, The United States IRS or President Obamas letters from Note Holders came to those various departments asking for the Democratic process to help them keep their homes and protection them from explosion. Thus the birth of Modifications. It is yet to date for clarity how theses enforcements came into existence and except b whom, but t is certain that note holders form the Midwest reached out in the Democratic Process for assistance. FBI Mortgage Fraud Department came into existence. Modifications HMAP HARP were also birthed to help note holders get Justice through reduced mortgage by making terms legal. Modification of mortgage terms was introduced by IRS staff addressing the crisis called the HAMP TEAMS that went across the United States desiring the new products to assist homeowners that were victims of predatory lending practices, unethical staff, brokers, attorneys and lenders that contributed to the crash. Modification were a fix to the crash as litigation has ensued as the lenders reorganized and renamed the lending institutions and government agencies are to closely monitor them. Prior to modifications loan holders that experiences crisis would use Loan assumptions and Loan transfers to keep the note in the 1930s. During the Great Depression, loan transfers, loan assumption, and loan bail out programs took place at the state level in an effort to reduce levels of loan foreclosures while the Federal Bureau of Investigation, Federal Trade Commission, Comptroller, the United States Government and State Government responded to lending institution violations of law in these arenas by setting public court records that are legal precedence of such illegal actions. The legal precedents and reporting agencies were created to address the violations of laws to consumers while the Modifications were created to assist the consumers that are victims of predatory lending practices. During the so-called "Great Recession" of the early 21st century, loan modification became a matter of national policy, with various actions taken to alter mortgage loan terms to prevent further economic destabilization. Due to absorbent personal profits nothing has been done to educate Homeowners or Creditors that this money from equity, escrow is truly theirs the Loan Note Holder and it is their monetary rights as the real prize and reason for the Housing Crash was the profit n obtaining the mortgage holders Escrow. The Escrow and Equity that is accursed form the Note Holders payments various staff through the United States claimed as recorded and cashed by all staff in real-estate from local residential Tax Assessing Staff, Real Estate Staff, Ordinance Staff, Police Staff, Brokers, attorneys, lending institutional staff but typically Attorneys who are also typically the owners or Rental properties that are trained through Bankruptcies'. that collect the Escrow that is rightfully the Homeowners but because most Homeowners are unaware of what money is due them and how they can loose their escrow. Most Creditors are unaware that as the note holder that the Note Holder are due a annual or semi annual equity check and again bank or other lending and or legal intuitions staff claim this monies instead. This money Note Holders were unaware of is the prize of real estate and the cause of the Real Estate Crash of 2008 where Lending Institutions provided mortgages to people years prior they know they would eventually loose with Loan holders purchasing Balloon Mortgages lending product that is designed to make fast money off the note holder whom is always typically unaware of their escrow, equity and that are further victimized by conferences and books on HOW TO MAKE MONEY IN REAL STATE - when in fact the money is the Note Holder. The key of the crash was not the House, but the loan product used and the interest and money that was accrued form the note holders that staff too immorally. The immoral and illegal actions of predatory lending station and their staff began with the inception of balloon mortgages although illegal activity has always existed in the arena, yet the crash created "Watch Dog" like HAMP TEAM, IRS, COMPTROLLER< Federal Trade Commission Consumer Protection Bureau, FBI, CIA, Local Police Department, ICE and other watch dog agencies came into existence to examine if houses were purchased through a processed check at Government Debited office as many obtained free homes illegally. Many were incarcerated for such illegal actions. Modifications fixed the Notes to proper lower interest, escrow, tax fees that staff typically raised for no reason. Many people from various arenas involved in reals estate have been incarcerated for these actions as well as other illegal actions like charging for a modification. Additionally Modifications were also made to address the falsifications such as inappropriate mortgage charges, filing of fraudulently deeds, reporting of and at times filing of fraudulent mortgages that were already paid off that were fraudulently continued by lenders staff and attorneys or brokers or anyone in the Real Estate Chain through the issues of real estate terms to continue to violate United States Laws, contract law and legal precedence where collusion was often done again to defraud and steal from the Note Holder was such a common practice that was evidence as to why the Mortgage Crash in 2008 occurred for the purpose of wining the prize of stealing form Homeowners and those that foreclosed was actually often purposefully for these monies note holders were unaware of to be obtained which was why Balloon mortgages and loans were given to the staff in the Real Estate Market with the hoper and the expectation that the loan holders would default as it offered opportunity to commit illegal transactions of obtaining the homeowners funds. While such scams were addressed through modifications in 2008. The Market relied heavily on Consumers ignorance to prosper, ignorance of real estate terms, ignorance on what they were to be charged properly for unethical financial gain and while staff in real estates lending arenas mingled terms to deceive y deliberate confusion consumers out of cash and homes while the USA Government provided Justice through President Obamas Inception and IRS Inception of Modifications which addressed these unethical profits in Reals Estate. It was in 2009 that HARP, HAMP and Modifications were introduced to stop the victimization of Note Holders. Taking on the Banks that ran USA Government was a great and dangerous undertaking that made America Great Again as Justice for Consumers reigned. Legal action taken against institutions that have such business practices can be viewed in State Code of Law and Federal Law on precedent cases that are available to the public. Finally, It had been unlawful to be charged by an attorney to modify as well as for banking staff to modify terms to increase a mortgage and or change lending product to a balloon in an concerted effort to make homeowner foreclose which is also illegal, computer fraud and not the governments intended purpose or definition of a modification. There are reputable companies that are trained to assist with foreclosure defense and home retention options. In addition, hud.gov offers a variety of non-profit agencies that offer assistance.
In United States federal agriculture legislation, the Agricultural Credit Act of 1987 was enacted in response to the severe financial crisis of the early- to mid-1980s, which affected both farmers and their lending institutions.
When a county has been declared a disaster area, by either the President or the Secretary of Agriculture, farmers in that county may become eligible for low-interest emergency disaster (EM) loans under the Emergency Disaster Loan Program.
Section 502 loans are a rural housing loan program, administered by the Rural Housing Service (RHS), authorized under Section 502 of the Housing Act of 1949. Borrowers may obtain loans for purchasing or repairing new or existing single-family housing. Loans are made directly by RHS or by private lenders with a USDA guarantee. Borrowers with income of 80% or less of the area median may be eligible for 33- year direct loans and may receive interest credit to bring the interest rate to as low as 1%. In a given fiscal year, at least 40% of the units financed under this section must be made available only to very low-income families or individuals with terms up to 38 years. Borrowers must have the means to repay the loans, but be unable to secure reasonable credit terms elsewhere. Borrowers with income of up to 115% of the area median may be eligible for 30-year guaranteed loans from private lenders. Priority is given to first-time home buyers, and the RHS may require that borrowers complete a home ownership counseling program.
The Consolidated Farm and Rural Development Act, authorizes the Farm Service Agency (FSA) to make direct and guaranteed farm operating loans.
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery, at below market rates. As part of its mission to promote the development of businesses, the SBA offers a number of different loan programs tailored to specific capital needs of growing businesses. The 504 program works by distributing the loan among three parties. The business owner puts a minimum of 10%, a conventional lender puts up 50%, and a so-called Certified Development Company (CDC) puts up the remaining 40%. Certified Development Companies are established under the 504 code as non-profit corporations set up to support economic growth in their local areas. There are a few hundred such CDCs nationwide. The maximum amount of the loan is $5 million, and if the borrower defaults, the private sector lender is paid off first, reducing the risk to the lender and encouraging loans.
A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
