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The first reverse mortgages came out in the 1980's, however FHA did not get involved with its HECM program til the early 1990's. Vast changes and improvements was made the the HECM program in the early 2000's as well. The loans provided in the 1980's had some significant downsides including loss of home ownership over time. the HECM program removed most of those downsides, however most misconceptions of reverse mortgages came from the early loans prior to the HECM program.
What else can I help you with?
Is there a difference between a reverse mortgage and a reverse annuity mortgage?
The terms are similar and both relate to reverse mortgages, however a reverse annuity mortgage often refers specifically to reverse mortgages where the borrower chooses to receive monthly payments from the lender rather than getting a lump sum of cash upfront or a line of credit.
What is the definition of the reverse mortgage?
An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse-annuity mortgage or home equity conversion mortgage.
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.
How should a person pay off their reverse mortgage?
There are many methods of paying off a reverse mortgage, which option used is up to the individual. The methods used to pay it off include: getting a cash advance or a lump sum, using a credit line account, getting a monthly cash advance, a combination of the previous methods, or you can even choose to use the reverse mortgage to purchase an annuity which would give an amount of cash for your life's length no matter where you choose to live.
How safe are the annuities?
is my IRA annuity safe from creditors and mortgage foreclosure
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.
