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What else can I help you with?
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 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
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.
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.
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.
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
How does a reverse mortgage purchase work?
Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.
Where can I learn about liberty reverse mortgage?
You can learn about liberty reverse mortgage from any local tax consultant or by finding it on a website which deals specifically with liberty reverse mortgage.
Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Where can one get reverse mortgage quotes?
There are many places where one can get reverse mortgage quotes. One can get reverse mortgage quotes at popular on the web sources such as ARRP and Bank Rate.
