Having a basic knowledge of the Reverse Mortgage product will help licensees to better serve their clients and customers. As baby boomers consider downsizing, upsizing, aging in place, or making any housing transitions, all options can be presented.
Reverse mortgages give older homeowners another source of income. The U.S. Department of Housing and Urban Development outlines the basics of the HECM on its website. In addition to meeting the.
Reverse Mortgage Basics – If you are looking for a way to tap into your home’s equity then our mortgage refinance service can help you do so while lowering your interest rates.
All borrowers must be at least 62 years of age to qualify for most reverse mortgages. In addition, a reverse mortgage cannot be taken out if there is prior debt against the home. Thus, either the old mortgage must be paid off before taking out a reverse mortgage or some of the proceeds from the reverse mortgage used to retire the old debt.
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In a reverse mortgage, the homeowner receives a sum of money from the lender, usually a bank, based largely on the value of the house, the age of the borrower, and current interest rates. The lower the interest rate and the older the borrower, the more that can be borrowed.
Reverse mortgages offer seniors (62 years and older) the opportunity to turn some of their home equity into cash. The amount of available cash depends on current interest rates, the age of the youngest borrower, and the appraised home value. Typically, older borrowers with high valued homes are eligible to borrow the most.
See how reverse mortgages differ from other home loans. basic Loan Features Learn what are the important details that every reverse mortgage borrower should know. Fact Sheet on Reverse Mortgages An overview of basic reverse mortgage information. Glossary of Reverse Mortgage Terms Definitions of commonly used terms in the reverse mortgage market.
The reverse mortgage industry is one where the rules and realities that govern it can change on a very quick basis, and because of that, the literature that’s dedicated to telling people about it.