QUESTIONS:
1. Explain/define what Insured Mortgage Loans and Guaranteed Mortgage Loans are. Provide descriptions of (2) TWO different insured or guaranteed mortgage programs.
2. Find (and provide in your answer) a website that explains/discusses the aspects of a Reverse Mortgage Loan. Explain the differences between a Reverse Mortgage Loan and a Conventional Mortgage Loan.
3. Find (and provide in your answer) and explore a website to a bank or credit union in your community (local or national). What types of “products” do they offer for people looking for a mortgage or to refinance their existing mortgage. What are (2) two things you learned from exploring this website. Explain in detail. I am in Georgia.
4. Compare and contrast a Fully Amortized Loan and an Interest-Only Loan.
5. Look at Exhibit 9-1 starting on pg. 274 of the Text. Here is a payment breakdown for a 15-year mortgage for $100,000. Is this a fixed rate mortgage or an adjustable rate mortgage? What are your thoughts about how much interest is paid compared to the principal? The Amortization Schedule is at Exhibit 9-2
Textbook Practical Real Estate Law – 3 Year Option, 7th Edition
Daniel F. Hinkel
Chapter 9
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