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Disadvantages to reverse mortgages include their complexity, their (relatively) high expense when factoring in fees and closing costs, and paying for insurance premiums.
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What are the different types of Home Loan Mortgages available?
There are several different types of home loan mortgages available. Some the many are fixed mortgages, adjustable mortgages, balloon mortgages, and even reverse mortgages. Each has their own benefits and downfalls.
Are reverse mortgages backed by the government?
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.
Where can one find information on a reverse mortgage?
The best place to find information about a reverse mortage is from a group or site which is not directly involved in supplying reverse mortgages since they will explain both the pros and cons of such a mortgage. The AARP has some excellent information, as does the Federal Trade Commission.
Does Bank of America offer reverse mortgages?
Yes, you can get a reverse mortgage from Bank of America. In order to see if their rates are any better than Wells Fargo, you will have to call both banks and give them some information about you.
What are some examples of merchant banking services?
Merchant banks are private financial institutions. Some of the services they offer are: loans, credit cards, checking accounts, mortgages, and savings accounts.
What if one spouse is 70 and the other spouse is 45 can a reverse mortgage still be done?
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
What are the different types of Home Loan Mortgages available?
There are several different types of home loan mortgages available. Some the many are fixed mortgages, adjustable mortgages, balloon mortgages, and even reverse mortgages. Each has their own benefits and downfalls.
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.
Have senior citizens been warned of reverse mortgages?
For some seniors especially those who live in high priced neighborhoods, reverse mortgages are a great way to spend their final years living in comfort. However, there are a lot of scams and the AARP cautions seniors to be aware of them.
Are reverse mortgages backed by the government?
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.
Are any disreputable companies involved with reverse mortgages?
Yes, there are many disreputable companies who are involved in giving reverse mortgages. They prey on the seniors and overcharge them. Most good financial planners will not recommend reverse mortgages. They aren't, in general, a good idea. Some mortgage brokers are pushing them because they are very financially beneficial for the lenders. There are also many reputable lenders involved in giving out reverse mortgages, so buyers should beware. Do your homework on the company and on the mortage itself. There's no need to rush into things when something as important as your home is involved. Mortgages are normally the biggest financial risk most people make, so educate yourself beforehand.
Where can I find advice on reverse mortgage explained?
The are many online resources for informaiton on reverse mortgages. Some notable sites include hud.gov and AARP's Budgeting and Savings Advice. For general information Wikipedia has great coverage on reverse mortgage explained.
What are some examples of reversibility?
Playing hard to get can be used as reverse psychology
Where can one find information on a reverse mortgage?
The best place to find information about a reverse mortage is from a group or site which is not directly involved in supplying reverse mortgages since they will explain both the pros and cons of such a mortgage. The AARP has some excellent information, as does the Federal Trade Commission.
Does Bank of America offer reverse mortgages?
Yes, you can get a reverse mortgage from Bank of America. In order to see if their rates are any better than Wells Fargo, you will have to call both banks and give them some information about you.
What are some of the best reverse mortgage companies?
One Reverse Mortgage.com is quite possible the best company available for reverse mortgages. They offer simple, free, and easy quotes so that you might know what the costs will be, and even then offer flexible payment options.
Are there resources for comparing reverse mortgages?
This is an excellent idea as it will free you up from a mortgage payment and give you some extra money. A great place to look for rates is www.OneReverseMortgage.com.
