RM -some situations

There are different types of reverse mortgages. While they differ slightly, they all share a set of common features. Here are some features that are common to all reverse mortgages:
- Unlike regular mortgages, you can for any reason choose to cancel the loan. But you must do it within three days of closing the loan. [...]

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Refinancing your reverse mortgage

. Refinancing the original loan could be an option, but is it the best option?
The Department of Urban Development realized this problem and being keen for seniors to see refinancing as a viable option has changed the insurance so that it’s only the value differential that is liable.
If you only took out your original [...]

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About HECM

Older adults and their children consider the likelihood of needing services, consider whether they would be available as a community service, figure the costs of providing needed services, decide whether you can save enough to pay for those services, and look into the possibility of long-term care insurance that provides in-home services.
 Some folks might be [...]

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Can you forgo the federally insured provision?

Can you forgo the federally insured provision?
Home Equity Conversion Mortgage offered by FHA, it requires mortgage insurance no matter how much cash you’re getting. You can’t forgo the federally insured provision even you get a lump sum rather than in series of payments.
The insurance guarantees two things. First, you can never owe more then [...]

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Top Reverse mortgage pitfalls

Here are the top three reverse mortgage pitfalls to lookout for. You need to be aware of some dangers.
1) If you have to go to a hospice, nursing home or intend to live in another home and use the house as a second home the bank will call the debt due. This is definitely something you [...]

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Reverse Mortgage – Yes or No.

The main reason people use a reverse mortgage is that they get to stay in their home for as long as they wish. If home prices rise at a significantly higher rate than interest on the loan, then reverse mortgages can be affordable, but prices don’t always rise. Another reason people use reverse mortgages is [...]

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Types of Reverse Mortgages

Here are three kinds of Reverse Mortgage:
Home Equity Conversion Mortgages (HECM)

It is administered by the U.S. Department of Housing and Urban Development (HUD). This program is often called a HUD or FHA reverse mortgage.
FHA’s reverse mortgage program collects funds from insurance premiums charged to the homeowners. An upfront insurance premium of 2% is charges [...]

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HECM Reverse Mortgage

For over 90% of all loans accounts HECM Reverse Mortgage Loan.
Its popularity is mainly because it is insured by the US government using the FHA insurance scheme. HECM stands for Home Equity Conversion Mortgages and is administered by the U.S. Department of Housing and Urban Development (HUD). This program is often called a HUD or [...]

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Think twice before getting

Reverse mortgages are designed for older homeowners who have a house with equity, and they want to unlock that equity and turn it into cash so they can use it for other purposes, like home repair or to pay off other debts.With a reverse mortgage the homeowner borrows money, but does not have to repay [...]

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