Reverse Mortgage Information

Reverse mortgage – Can you short sale this kind of mortgage

2012-01-01T10:38:00.000-08:00

Yes, you can short sale your reverse mortgage. In case of reverse mortgage short sale, it is important for you to contact the lender. Actually, the borrower will not be able to short sale the reverse...

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FHA Reverse Mortgages (HECMs) for Consumers

2010-10-19T16:29:00.001-07:00

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

How FHA Reverse Mortgages Program Works

2010-10-19T16:22:00.000-07:00

If you are a homeowner age 62 or older and have paid off your mortgage or have only a small mortgage balance remaining, and are currently living in the home, you are eligible to participate in FHA's...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

FHA Reverse Mortgage Costs

2010-10-19T16:19:00.000-07:00

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Repaying a FHA Reverse Mortgage

2010-10-19T16:11:00.000-07:00

A HECM loan must be repaid in full when you die or sell the home. The loan also becomes due and payable if: ● You do not pay property taxes or hazard insurance or violate other obligations. ●...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Top Ten Things to Know if You're Interested in a Reverse Mortgage

2010-10-19T13:41:00.000-07:00

Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Can I apply for a reverse mortgage if I didn't buy my present house with FHA mortgage insurance?

2010-10-07T20:10:00.000-07:00

Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

What's the difference between a reverse mortgage and a bank home equity loan?

2010-10-06T20:09:00.000-07:00

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments....

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

New Reverse Mortgage Loan Limits

2010-10-04T14:15:00.000-07:00

The House of Representatives passed a bill early Thursday morning to avoid a government shutdown before the new fiscal year begins Oct. 1st.The Continuing Resolution, plans to extend higher loan...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Should I use an estate planning service to find a reverse mortgage?

2010-10-03T20:05:00.000-07:00

I've been contacted by a firm that will give me the name of a lender for a "small percentage" of the loan? HUD does NOT recommend using an estate planning service, or any service that charges a fee...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Reverse Mortgages Show Steady Growth

2010-10-02T14:19:00.000-07:00

Reverse mortgages continue to be one of the few areas of growth within the mortgage industry. The National Reverse Mortgage Lenders Association announced today that the industry has closed 112,100...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Lawsuit accuses mortgage brokers of targeting seniors

2010-02-09T13:39:00.000-08:00

Illinois Attorney General Lisa Madigan has filed a lawsuit against two mortgage brokers, accusing them of using deceptive marketing to solicit senior citizens for reverse mortgages.The lawsuit...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Will I still have an estate that I can leave to my heirs after obtaining a reverse mortgage?

2009-10-08T20:07:00.000-07:00

When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Credit crisis alters reverse-mortgage rules

2009-04-25T21:09:00.000-07:00

Throughout the past year of credit crisis, the reverse-mortgage world has changed. Prior to the credit crisis, reverse mortgages and the interest rates used were set mainly by the Constant Maturity...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

Economic Stimulus Bill Raises Reverse Mortgage Loan Limit

2009-03-09T11:26:00.000-07:00

The Economic Stimulus Bill signed in February, 2009, by President Obama provides even more of America's seniors with the opportunity to benefit from a reverse mortgage. The new bill will raise the...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.

What is a reverse mortgage?

2009-02-25T23:29:00.000-08:00

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be...

Resources and information on reverse mortgages, including pros and cons, various types, costs, and financial institutions.