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{| |- | A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
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How can one most easily benefit from reverse mortgage marketing?
Reverse mortgage is a loan provided to a home owner with payments provided based on home equity. The best way to benefit from this would be for a retired person or couple who might have high equity paid up with low mortgage balance. This would afford them to lower the monthly payments significantly!
How can a California reverse mortgage benefit residents of California?
A California reverse mortage can benefit residents of California by allowing them access to a portion of their loan equity Home owners can draw the mortage principal in a lump sum.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
What are the benefits of reverse mortgages for seniors?
The primary benefit of a reverse mortgage is using the equity built up within your home without ever having to repay it back.
Should reverse mortgages have mortgage insuranc?
In the perfect world no mortgage insurance would be necessary, however nearly all reverse mortgages today are backed by FHA's HECM reverse mortgage program which requires mortgage insurance. I key difference however with reverse mortgages is that there is no personal guarantee or recourse against the borrower or their heirs when doing a HECM reverse mortgage. as a result if there is ever a negative equity position in the home the lender takes the loss and receives protection from FHA accordingly. As a result the mortgage insurance on a reverse mortgage has a very direct benefit to the borrowers. The mortgage insurance is collected both upfront and monthly, however the HECM Saver program lends less money but does not have an upfront insurance premium
What are the reverse mortgage scams taking place today?
Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed
What is reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
What is new reverse mortgage and where can I learn about it?
You can not get a reverse mortgage if you already have a reverse mortgage in exsistence. If you do not have one you can go to a few places for help such as; rvmortgage.com and allrmc.com
Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
What is American reverse mortgage?
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
Where can you find a reverse mortgage calculator?
Reverse mortgage calculators can be found on line on most mortgage websites.There are hundreds of mortgage loan sites.& This calculator makes it easier to understand the reverse mortgage math and to let you see if this type of mortgage is best for you.
