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Reverse mortgages come in different styles, however most are insured by FHA through the HECM reverse mortgage program. These programs are under FHA's oversight, who is part of the department of HUD.
There are some private reverse mortgage loans available as well, however they have significantly higher interest rates in most cases and offer smaller loan to value's. the private reverse mortgages are typically used for jumbo loan sizes where the FHA lending limited is not sufficient for the borrowers needs.
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What is a government insured reverse mortgage?
Most reverse mortgages today are government insured reverse mortgages. This simply means its an FHA loan. The FHA HECM program insures the loan to the lenders, provided they follow FHA's guidelines for doing reverse mortgages.
What is the best place to get a reverse mortgage?
There are 3 types of reverse mortgages. The federally insured mortgage is available but requires a meeting with a government approved housing counselor. Area agencies on aging can provide a list of lenders that provide reverse mortgages.
Where might one go online to find information on Wells Fargo Reverse Mortgages?
There are several online websites which provide information about the Wells Fargo reverse mortgages. Reverse Mortgages, American Banker and New America Media are online sources pertaining to Wells Fargo reverse mortgages.
What type of loan does Freddie Mac provide?
Freddie Mac is a government-sponsored corporation that buys home mortgages and sells them as mortgage-backed securities.
Where can i find a bank that does reverse mortgages for seniors ?
You can go to http://www.bestreversemortgage.com/ to find information on what banks do reverse mortgages for senions. This site also gives a lot of information regard reverse mortgages and the fraud that is being targeted towards seniors.
What is a government insured reverse mortgage?
Most reverse mortgages today are government insured reverse mortgages. This simply means its an FHA loan. The FHA HECM program insures the loan to the lenders, provided they follow FHA's guidelines for doing reverse mortgages.
Are reverse mortgages insured by the government?
Most Reverse Mortgages, often known as Senior Reverse Mortgages, are in fact insured by the FHA branch of the US Government. They are also regulated buy HUD, another branch of the Government. The insurance is in place to insure that you will not owe more in interest and loan fees that the value of your home, which serves as collateral for the loan. When talking to a Reverse Mortgage Service, or other lender, ask about the Home Equity Conversion Mortgage, know as the HECM Reverse Mortgage. It is the most popular, and is 100% insured by the US government.
How much of a government guarantee comes with reverse mortgages?
HUD guarantees reverse mortgages as large as 625000$. You can learn all about the program at http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm.
What is the best place to get a reverse mortgage?
There are 3 types of reverse mortgages. The federally insured mortgage is available but requires a meeting with a government approved housing counselor. Area agencies on aging can provide a list of lenders that provide reverse mortgages.
What are some facts about reverse mortgage?
For people 62 or older, a reverse mortgage can be a very good option. There are three different types of reverse mortgages. A single-purpose reverse mortgage is normally the least expensive option and is over seen by state and local government agencies. Federally-insured reverse mortgages can have high upfront costs. Proprietary reverse mortgages are provided by private companies that issue the loans.
Does the company Wells Fargo offer reverse mortgages?
Wells Fargo does not offer reverse mortgages. As of June 2011 they released a news segment saying they will no longer offer reverse mortgages. Being one of the leading in reverse mortgages previously it is strange to see why.
Does the bank pay for ads for reverse mortgages?
Yes. If the bank advertises reverse mortgages it must pay for the advertising.
Where might one go online to find information on Wells Fargo Reverse Mortgages?
There are several online websites which provide information about the Wells Fargo reverse mortgages. Reverse Mortgages, American Banker and New America Media are online sources pertaining to Wells Fargo reverse mortgages.
What type of loan does Freddie Mac provide?
Freddie Mac is a government-sponsored corporation that buys home mortgages and sells them as mortgage-backed securities.
Do you have reverse mortgages for seniors?
johnl:www.seniorreversemortgage.com
Does a reverse mortgage work for a government loan?
To get a reverse mortgage, ALL of the following must be true: * The borrower is 62 years old or older * The borrower owns their home outright - No mortgages associated with the property - No home equity loans associated with the property - No home equity lines of credit associated with the property * There are no liens associated with the property All reverse mortgages are government approved as they are defined as a government mortgage product.
Where can one find information regarding senior reverse mortgages?
One can find information regarding senior reverse mortgages from various sources such as government websites, financial institutions that offer reverse mortgage products, and reputable non-profit organizations that provide guidance on retirement planning and senior finances. Additionally, speaking with a qualified mortgage specialist or financial advisor can also provide valuable information and guidance on senior reverse mortgages.
