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Showing 21-40 of 67 results for “reverse mortgages”

What is a HUD-1 Settlement Statement?

If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1. In transactions that do not include a seller, such as a refinance loan, the settlement agent may use the shortened HUD-1A...

When do I have to pay back a reverse mortgage loan?

Most reverse mortgages are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. A HECM loan has to be paid off when the last surviving...

What is a Truth-in-Lending disclosure for a mortgage loan?

Effective October 3, 2015, for most kinds of mortgage loans a form called the Loan Estimate replaced the initial Truth-in-Lending disclosure, and a Closing Disclosure replaced the final Truth-in-Lending disclosure.If you applied for a mortgage before...

What is the finance charge on a mortgage?

This assumes that you keep the loan through the full term until it matures (when the last payment needs to be paid) and includes all pre-paid loan charges. Loan charges include: Origination charges Discount points Mortgage insurance Other applicable...

What does “total of payments” mean when getting a mortgage?

The “total of payments” is found on page 5 of the Closing Disclosure form in the “Loan Calculations” section. This total includes principal, interest, mortgage insurance (if applicable), and loan costs. It assumes that you make each monthly payment as...

How do I tell if I have a fixed or adjustable rate mortgage?

1. Call your servicer. Your servicer is the company that you send your mortgage payments to each month. Their phone number may be listed on your monthly mortgage statement or payment coupons. 2. Check the disclosures that you received when you got...

What is a Good Faith Estimate (GFE)?

The GFE includes the estimated costs for the mortgage loan. The Good Faith Estimate provides you with basic information about the loan, which helps you:Compare offersUnderstand the real cost of the loanMake an informed decision about choosing a...

What are late fees on a mortgage?

Late fees can be charged only in the amount specifically authorized by the mortgage documents you signed. State law may also limit the amount of late fees that you can be charged.Tip: Paying on time avoids a late fee and protects your credit record....

What is a Closing Disclosure?

The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you...

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