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923
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Reverse Mortgage Information: Understanding Reverse Mortgage Counseling
To qualify for a federally-insured reverse mortgage, also known as an HECM, seniors are required to complete one HUD-approved counseling session. This is one aspect of the loan process that tends to make seniors nervous. The term “counseling” can be a little intimidating. Fortunately, these meetings are much more casual and entirely more valuable than many people automatically assume.
Posted on Jan-11-2012
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818
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Everything Seniors Need to Know About Reverse Mortgage Rates
As with any type of loan, a borrower’s interest rate will have a significant impact on his or her reverse mortgage. Reverse mortgage rates affect borrowers’ proceeds and payment options, as well as the overall affordability of the loan. Before pursuing a reverse mortgage, potential borrowers should make sure they understand reverse mortgage interest rates.
Posted on Jan-11-2012
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798
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A Closer Look at the Reverse Mortgage Purchase Program
Before early 2009, seniors were selling their homes, purchasing new properties, and then taking reverse mortgages. This was a long and often expensive process. To accomplish this, seniors were forced to get two separate loans. Not only did they have to sell their original home, but they had to get a conventional mortgage loan and then finally a reverse mortgage.
Posted on Jan-11-2012
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787
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Are Reverse Mortgages Safe? Discover Whether Seniors Are in Danger of Falling for a Mortgage Scam
As many consumers are aware, reverse mortgages have been widely criticized. Critics warn seniors that the industry is wrought with scams, unsavory lenders, and deceptive practices. These warnings have many seniors wondering are reverse mortgages safe? Discover how seniors can protect their reverse mortgage privacy and avoid falling for a mortgage scam.
Posted on Jan-11-2012
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860
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Reverse Mortgage Information Regarding the HECM Options Available to Seniors
An HECM, or Home Equity Conversion Mortgage, is a type of loan insured by the Federal Housing Administration (FHA) that allows senior homeowners to withdraw a portion of the equity in their home. Today, HECMs make up more than 90% of all reverse mortgage loans. The rest of these loans are typically funded by nonprofit organizations and private institutions.
Posted on Jan-09-2012
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520
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Reverse Mortgage FAQ: Important Questions Many Seniors Forget to Ask
While researching reverse mortgage information, most seniors ask the same few questions. Many seniors want to know how to qualify, how much they can borrow, and whether a reverse mortgage is their most beneficial option. These questions, however, are not the only ones that consumers need to be asking. For the answers to several important but less commonly asked questions, consult the following reverse mortgage FAQ.
Posted on Dec-23-2011
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766
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Reverse Mortgage FAQ: Answers to Consumer’s Most Important Questions
By now, most adult consumers have at least heard of a reverse mortgage. Many also know that these loans are a way for retired adults to withdraw a portion of the equity in their homes. Still, the specifics of these loans often leave consumers with many important questions. To gain a better understanding of reverse mortgages, consumers can consult the following reverse mortgage FAQ.
Posted on Nov-08-2011
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648
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What Consumers Need to Know Before Taking a Reverse Mortgage
A reverse mortgage is a loan that gives borrowers access to a portion of their home equity. The funds received through a reverse mortgage can be used to repay a borrower’s mortgage loan, renovate the home, or simply increase a person’s cash flow.
Posted on Oct-24-2011
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