You will pay a mortgage insurance premium, but it can be financed into the cost of your loan. If the amount you owe from the reverse mortgage grows to exceed the home value, the FHA will assume most or all of the loss. government through the Federal Housing Administration. The home equity conversion mortgage is the most common type of reverse mortgage funding, and it is available to qualified borrowers who are at least 62 years old with homes that are paid off or have low mortgage balances. This article, by Nolo, details how reverse mortgages work and lists some reverse mortgage scams and risks.From the Consumer Financial Protection Bureau, this website provides consumers with information about how to submit a complaint concerning various financial products and services.From the Washington State Department of Financial Institutions, this article provides a very straight forward and easy to understand analysis on reverse mortgages.From the Federal Trade Commission, this website does a good job defining reverse mortgages, a borrower’s options, and warns about potential scams.This article, by Nolo, explains how a reverse mortgage works, who can qualify, how much can be borrowed, and who is a good candidate for a reverse mortgage.Reverse mortgages for retirees and seniors.From the Calculator Site, this page allows consumers to easily calculate the compound interest on their savings.From the National Reverse Mortgage Lenders Association, this page provides consumers with a simple calculator that consumers can use to determine how much money they are eligible for through a reverse mortgage.From the AARP, this video provides both basic information concerning reverse mortgages but also warns consumers that such a loan is one of last resort.From NeighborWorks America, this page provides information for prospective HECM counselors, active HECM counselors, as well as consumers interested in obtaining a reverse mortgage.The article addresses key considerations consumers must keep in mind before applying as well as alternatives. This report, from the AARP, offers consumers an extensive introduction to reverse mortgages.Borrowing against your home: RM guide (pdf).From the AARP, this PDF report helps consumers understand what has caused various rises in costs associated with reverse mortgages and the several reverse mortgage borrowing options.This article, from the AARP Bulletin, highlights a key policy change that allows surviving spouses not listed on reverse mortgages, and facing foreclosure, to remain in their homes.From the AARP, this article provides consumers with a glossary of key terms associated with a reverse mortgage.The article addresses both the pros and cons to the new program and factors for consumer to consider when deciding whether the HECM Saver program is right for them. From the AARP, this article explains the changes associated with the new HECM Saver program.
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