article thumbnail

Reverse purchase financing: The financing option no one is talking about

Housing Wire

They own the home with their name on the title, as with any mortgage, traditional or reverse. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ). Recently, Interested Party Contributions (or seller concessions) have been allowed with HECM for Purchase loans.

Finance 458
article thumbnail

Will new products stop the bleeding for mortgage lenders? 

Housing Wire

During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. It comes at a time in which the housing market favors buyers and seller concessions become more frequent.

Mortgages 397
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Fees and Costs Associated With Selling a House in 2023

HomeLight

But in focusing on the equity portion, people are often surprised to learn how much it costs to sell a house in the U.S. Decluttering can be done for the cost of sweat equity, though some sellers may need to anticipate costs for junking and storage. Title fees (0.5%-1%) Money is always top of mind when selling a house.

article thumbnail

How Much Are Closing Costs in California?

HomeLight

Other closing costs generally incurred by California home sellers include transfer taxes , property taxes, and mortgage loan payoff. Common seller concessions include home warranty, home inspection fees, repair credits, and insurance for earthquakes and other natural disasters. The rate could go from 7% to 6.5%

article thumbnail

How Much Should I Budget to Sell My House? Here’s the Average Cost

HomeLight

Sample seller expenses for a $453,300 house. Cost to seller. Seller concessions. According to Caldwell, today’s buyers look for turnkey homes, not sweat equity. Title insurance search and policy premiums. Local customs tend to dictate whether a seller should expect to pay for certain settlement costs.

article thumbnail

Opendoor vs Offerpad: How Do These Homebuying Companies Match Up?

HomeLight

They also estimate 1% in seller concessions if you list with them, but there’s no cancellation fee. They include complaints that they had no choice about using Opendoor’s closing attorney or title company, discoveries of concealed mold in the house, mixed up paperwork, and poor communication. BBB : 3.37

article thumbnail

What Costs Are Involved in Selling My House?

HomeLight

Seller concessions. Home sales tend to involve several rounds of negotiation between the buyer and seller. Because of their potential to endanger the sale and the strength of the current sellers’ market, Kennedy says, “A lot of sellers aren’t willing to absorb those costs.”. Title insurance premiums: Varies.