Hard money residential lenders serve a wide real estate audience. Since hard money residential lenders have been less affected by the economy than conventional bankers, they can make more loans and close deals faster.
The rates and fees charged by hard money residential lenders vary, just as they do with conventional banks, so it’s a good idea to shop around. Even hard money residential lenders would prefer to avoid foreclosing on a property used as collateral. Hard money residential lenders are often a small group of private lenders or it may be an individual with money that is willing to take a higher risk to receive a higher yield on her funds.
Senior citizens can avoid hard money loans and receive a reverse mortgage loan and avoid any payments as long as they live in property and have at least 50% equity.