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Showing 1-20 of 67 results for “reverse mortgages”

What is a reverse mortgage?

A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan, just like a traditional mortgage. Unlike a traditional mortgage, with a reverse mortgage, borrowers don’t make monthly mortgage payments. The loan is...

Can anyone apply for a reverse mortgage loan?

There are certain requirements you must meet in order to be eligible for a reverse mortgage. The most common type of a reverse mortgage is called a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration (FHA), a part of the...

Can I use a reverse mortgage loan to buy a home?

You will need a much larger down payment than with a traditional mortgage, but like all reverse mortgages, you will not have to make payments on the loan as long as you meet all the requirements of the loan. Tip: For more information on this program,...

Do all reverse mortgage lenders offer the same types of loans?

Most reverse mortgages today are insured by the Federal Housing Administration (FHA) through its Home Equity Conversion Mortgage (HECM) program. There are several options available with the HECM program, but not all lenders always offer all of the...

Are there different types of reverse mortgages?

If you apply for a HECM loan, you can choose from the following options: Payment of loan proceeds. You can receive loan money as a line of credit, monthly installment, a combination of these, or a lump sum. Interest rate. You can choose between a...

Should I use a reverse mortgage to consolidate my debts?

A HUD-approved reverse mortgage counselor can: Advise you on managing your money and debts. Help you develop a budget. Give you free educational materials or workshops. Discuss the risks of consolidating unsecured debts (credit cards, etc.) into a...

What are the costs I will have to pay for a reverse mortgage?

With a reverse mortgage, you’ll be charged in two ways: upfront and over time. Upfront costs include lender fees, upfront mortgage insurance, and real estate closing costs. Many borrowers choose to pay for the upfront costs using their loan funds,...

What will reverse mortgage housing counseling cost?

Fees are typically about $125. Counseling agencies are also required to waive the counseling fee if your income is less than twice the poverty level. Tip: Make sure your reverse mortgage counselor is approved by the U.S. Department of Urban...

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