I am thinking about a reverse mortgage. What are the risks and what should I consider?
Reverse mortgages provide income or a line of credit to homeowners who are 62 or older by allowing them to tap their home equity. The Federal Housing Administration (FHA) insures most reverse mortgages, which are known as […]
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Are there different types of reverse mortgage products?
There are two basic types of reverse mortgage products: Proprietary products offered under lender-specific criteria. Reverse mortgage products, insured by the Federal Housing Administration (FHA), called "home equity […]
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I'm considering a reverse mortgage and understand that I am not required to make payments. When and how is a reverse mortgage repaid?
A home equity conversion mortgage, or HECM, also known as a reverse mortgage, must be repaid in full when you die or sell the home. The lender recovers the money advanced to you, plus interest, when the home is sold. If the […]
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How can I receive payments on a reverse mortgage?
A reverse mortgage provides a borrower with choices in how they will access the funds. The choices include the following: A single lump sum payment A regular fixed monthly payment for a term of years or for as long as […]
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What are the requirements for a Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM)?
To be eligible for an FHA reverse mortgage (a HECM) you must be 62 years of age or older. own the property outright or have a small mortgage balance. occupy the property as your principal residence. not be delinquent […]
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Who is responsible for upkeep on the home on a Home Equity Conversion Mortgage (HECM)?
The homeowner is responsible for the upkeep of the home on a HECM. The homeowner continues to bear all the responsibilities of a homeowner, including making repairs and paying taxes and insurance. In a reverse mortgage, […]
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Where can I find more information on reverse mortgages?
You can obtain information on reverse mortgages, also known as home equity conversion mortgages (HECM), on the Department of Housing and Urban Development's HECM web page. You can also access information from the AARP.
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