Sentences with phrase «of reverse mortgage»

For these people, a new type of reverse mortgage is being offered.

Extra insurance on reverse mortgages is unnecessary because the vast majority of the reverse mortgage loans, about 90 %, are federally insured by the FHA, or the Federal Housing Administration.

The FHA federally insures HECM reverse mortgages (Home Equity Conversion Mortgages), the most popular type of reverse mortgage loans.

This is to ensure that seniors are aware of the pros and cons of reverse mortgage.

This reduces the total cost of a reverse mortgage for seniors, making reverse mortgage loans a more affordable option for borrowers.

The recent popularity of reverse mortgage lending is causing a stir among many retired Americans who own their home but still struggle to pay their real estate taxes and other bills.

Not everyone will benefit from the same type of reverse mortgage, so learning about -LSB-...]

«When I gave American Advisors Group a buzz on the phone to begin evaluating retirement options, I had no knowledge of the reverse mortgage process, let alone awareness of what a HECM for Purchase was,» Andy Hollimon explains.

The good news for many senior homeowners lies in the affordability of a reverse mortgage, because these loans require very little to no out - of - pocket expense for the borrower.

The popularity and widespread exposure of reverse mortgage loans is garnering the attention of many groups geared toward seniors.

This means that the mortgage holders will never owe more than the value of the home, as that value is appraised as part of the reverse mortgage process.

The government has put in place restrictions for the initial costs of a reverse mortgage.

Still, only by being aware of the reverse mortgage pros and cons as well as all alternative options can older homeowners make a wise decision about reverse mortgages.

• The lender must also give the borrower a description of the relevant features of the reverse mortgage being offered.

This type of reverse mortgage accounts for a vast majority of the marketplace, about 90 %, and is therefore the most popular type reverse mortgage by far.

At the End of the Loan At the end of the reverse mortgage loan, there may be additional fees, costs, or payments.

Not everyone will benefit from the same type of reverse mortgage, so learning about the different types of mortgages can help the consumer make smarter choices.

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This feature is arguably one of the most attractive qualities of the reverse mortgage.

The key element of a reverse mortgage when compared to traditional mortgages is that no payments are made during the life of the loan.

Tens of thousands of homeowners age 62 and older across the nation are already enjoying the benefits of a Reverse Mortgage.

Recently there has been an explosion of articles in financial planning journals and blogs touting the value of a Reverse Mortgage in enhancing retirement planning.

The basic premise of a reverse mortgage is that you can take the equity you've built up in your home over the years and convert it into tax - free cash * for your needs today.

Jersey Mortgage Company allows borrowers to apply for the following types of reverse mortgage.

I offer a free webinar for clients, Financial Planners, Estate Attorneys and CPAs that explores the many uses of a Reverse Mortgage.

The key feature of a reverse mortgage is that it allows you to borrow against your home equity but never have to repay the loan as long as you remain in the home.

We've also provided a list of Reverse Mortgage Resources.

This type of reverse mortgage is a huge risk for the consumer.

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Reverse mortgages also can be used to purchase a home if you are able to come up with the difference in cash from the proceeds of the reverse mortgage loan and the purchase price of the property.

The cost of a reverse mortgage loan will vary by lender, and the actual costs is largely dependent on the income option you select.

Are you aware that 18 % of all reverse mortgage loans are in default for non-payment of taxes and / or insurance?

Homeowners can use this type of reverse mortgage for any purpose, or multiple purposes, and can select how they want to receive the money.

The fees and cost of a reverse mortgage are based on a number of items.

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Throughout the life of the reverse mortgage, your parents will continue to own their home and retain title.

The Non-Recourse feature of the Reverse Mortgage product is something that is often misunderstood by the general public and has been the topic of a recent lawsuit between AARP and HUD over the interpretation and implementation of it.

To process your request for a reverse mortgage, AAG may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer.

The program, designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction, is great for people who are looking to relocate, says Cliff Auerswald, president of All Reverse Mortgage Company.

The Non-Recourse feature of the Reverse Mortgage guarantees that the maximum amount owed on this Reverse Mortgage at this 20 year mark if the homeowner were to have passed away, would be whatever the home appraises for in year 20.

The next part of the question relates to the non-recourse nature of the reverse mortgage.

This is a very important feature of the reverse mortgage and I want to take a moment to explain just what non-recourse means and how that affects senior borrowers who get reverse mortgages and their heirs.

HUD states that if you or your heirs intend to keep the property, then they will look to you to repay the balance of the loan.so the non-recourse provision protects you and your heirs in the event of sale, it does not allow you to keep the home on a short payoff of the reverse mortgage loan.

Today we received a question that came across one of my blog posts «The Pros and Cons of the Reverse Mortgage» This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage.

Bank of America Home Loans entered the reverse mortgage business in 2006 and expanded its presence in 2007 following the acquisition of Reverse Mortgage of America in 2007 and Countrywide Financial Corporation in 2008.

While borrowing against it can give you a regular source of income, it s important to understand the disadvantages of a reverse mortgage.

Exacerbating this problem is its impact on millions of homeowners in the FHA's flagship single - family program who are still paying very high insurance premiums for the life of their FHA loans to subsidize the operations of the reverse mortgage program.

Tapping your home's value to pay for retirement can be as simple as trading down to a less expensive place, or it could involve the hefty cost of a reverse mortgage.

Think of a reverse mortgage like a pawn shop for your home's equity and the pawn shop allows you to continue living in your house.

The HECM is the most popular type of reverse mortgage — by far.