Sentences with phrase «reverse mortgage products»

Other reverse mortgage products exist but may be restricted for specific purposes and are not federally insured.

Reverse mortgage products are available with both fixed interest rates and variable interest rates.

Reverse Mortgage products were introduced to Australia over 10 years ago and have become increasingly popular amongst asset - rich, cash - poor seniors who want to remain in their home and still have money to live and enjoy life.

This servicing platform supports the FHA HECM, numerous proprietary reverse mortgage products, and now the Ginnie Mae HMBS program.

We have a team of lawyers who are focused on assisting reverse mortgage lenders, servicers, and investors with regulatory compliance, transactional, and enforcement issues related to both FHA HECM and proprietary reverse mortgage products.

Our regulatory and compliance services include analyzing federal and state requirements and restrictions (e.g., licensing / approvals, housing counseling, marketing, underwriting, disclosures, fee permissibility, cross-selling, UDAP / UDAAP, servicing, claims filing, and GNMA HMBS program), and developing and implementing reverse mortgage products strategies, including policies, procedures and internal controls for reverse mortgage lenders and servicers (including quality control plan drafting and revision), third - party risk management, and auditing of day - to - day operations.

In addition to free credit counseling and low - cost debt management services, ACCC offers reverse mortgage counseling sessions that provides helpful reverse mortgage information along with the certification required for certain reverse mortgage products.

While the specifics of most reverse mortgages are the same, there are several different kinds of reverse mortgage products.

Some reverse mortgage products also allow you to protect a portion of the value of the property.

Other reverse mortgage products exist but may be restricted for specific purposes and are not federally insured.

Our staff will provide you detailed information about Reverse Mortgage products, how they may benefit your situation and be with you throughout the process.

• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can meet all financial obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons

There are so many stories about ways the reverse mortgage product has...»

This means that borrowers who do not need to borrow the full amount that can be had on the Standard Reverse Mortgage product can opt for the Saver program and the UFMIP is reduced drastically from 2 % of the property value to 0.01 % of the property value and often times the Lender will credit this cost to you effectively making your cost of UFMIP zero.

It is this feature of the reverse mortgage product that makes it so unique — and as such — so difficult for those outside of our industry to comprehend and understand!

This was the first official national reverse mortgage financial counseling exam designed to help counselors assist applicants in understanding the reverse mortgage product.

It used to be that FHA mortgages were as clear and understandable as possible, but then back in 2008 the Bush Administration began to fiddle with the FHA reverse mortgage product and now a new controversy has emerged.

In October of 2008, HUD rolled out their reverse mortgage product and in March of 2009, they perfected it.

For Example, a 66 year old homeowner with a $ 500,000 home currently qualifies for $ 321,000 in available funds on the Fixed Rate Reverse Mortgage product based on today's parameters.

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.

NCB unveils a reverse mortgage product for New York seniors living in housing cooperatives in partnership with IndyMac.

Bank of America recently made the news when it announced that it would be discontinuing its profitable reverse mortgage product.

This was the first official national reverse mortgage financial counseling exam designed to help counselors assist applicants in understanding the reverse mortgage product.

• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can meet all financial obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons

The sector got another boost six years later when Fannie Mae launched its own reverse mortgage product, the Home Keeper.

The main thing to remember when working with the reverse mortgage product is to provide «good old fashioned customer service» to each and every senior borrower.

The reverse mortgage industry is not comparable to the fast - paced refinance market and the senior borrowers are in most cases not as familiar with the reverse mortgage product prior to the relationship with their RMS.

Not exact matches

Like all loans, reverse mortgages come with a variety of costs and fees, so the counseling session can help determine whether a reverse mortgage is the right loan product.

With the exception of reverse mortgages, all mortgage products include a Loan Estimate and Closing Disclosure that summarize the financial details of your monthly and upfront costs.

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The reverse mortgage is one of the most well - developed loan products in the mortgage industry.

As with any loan product, there are pros and cons to consider with a reverse mortgage.

Some mortgage lenders try to get reverse mortgage applicants to buy additional, yet unnecessary, products as part of the loan package.

However, for many individuals reverse mortgages have become more accessible as a result of recent product changes.

In all references, this refers to the same loan product: a government - insured home equity conversion mortgage or reverse mortgage.

For the longest time, she had seen advertisements for the reverse mortgage loan product but never understood what it really was.

Like all loans, reverse mortgages come with a variety of costs and fees, so the counseling session can help determine whether a reverse mortgage is the right loan product.

While we have all heard stories about seniors being taken advantage of by dishonest salespeople attempting to sell them various financial products, a loan like this should not be considered a reverse mortgage scam.

If legislators can't provide strengthened consumer protection for reverse mortgage loans, then FHA should be allowed to tighten its own loan requirements for its reverse mortgage loan program — while keeping this financial product available to those seniors for whom a reverse mortgage is the right choice.

So what exactly are the current rules and requirements of the reverse mortgage loan product in 2017?

Selling additional financial products with a reverse mortgage: Reverse mortgages allow borrowers to draw out lump sums of cash, or to draw on their home equity as reverse mortgage: Reverse mortgages allow borrowers to draw out lump sums of cash, or to draw on their home equity as Reverse mortgages allow borrowers to draw out lump sums of cash, or to draw on their home equity as needed.

This provides a perfect set - up for scam artists offering financial products that may not be appropriate for reverse mortgage borrowers.

Unscrupulous vendors may try to sell unneeded financial products in connection with your reverse mortgage; this may be fraudulent or unethical.

These regulations and rules are meant to encourage borrowers to use this great financial tool as part of an intelligent retirement planning strategy, which in turn solidifies the overall strength of the reverse mortgage loan product.

The bottom line is that the reverse mortgage is like any other loan in this respect, it is not right for all borrowers but works extremely well for those borrowers whose needs or goals match well with the product.

When you first begin to learn about a reverse mortgage and its associated advantages, your initial impression may be that the loan product is «too good to be true.»

Reverse mortgages, like all financial products, have pros and cons.

A reverse mortgage is different from other loan products because repayment is not accomplished through a monthly mortgage payment over time.

However, since the guidelines on Reverse Mortgages currently do not require any income requirements and the credit guidelines are very minimal, it is easier to qualify for this product.

Although these new requirements are more extensive than past requirements, they will ultimately serve to protect countless reverse mortgage borrowers from default as well as further contribute to making the federally - insured HECM one of the nation's safest loan products in the market to date.