An adverse mortgage simply means a mortgage for someone whose credit history is not good. Getting an adverse mortgage is not as difficult as you might think, but it will cost you more because your monthly rate and thus your payments will be higher than those who have a good credit history.
Over the last few years adverse mortgage loans have become more common both in the United States and the United Kingdom. These loans are commonly offered for those who have had bankruptcies in the U.S., county court judgments CCJs in the UK, and other credit defaults or mortgage late payments.
More and more financial institutions and other mortgage lenders are entering the adverse mortgage arena, primarily because the high, and sometimes exorbitant interest rates more than offset the additional risk to the lender.
Because of this increased competition, the news is promising for those who need to look for an adverse mortgage. As with any other industry, competition drives down the cost. Even people who have a history of bankruptcy and other credit problems or late or arrears mortgage payments in their background have hopes of making a good deal when they refinance their...
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