A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.
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
There isn't any marketing that you need to do for an reverse mortgage. All you have to do is visit a local realator and you can also go online and search under reverse mortgage.
The federal web site, hud.gov provides comprehensive information on reverse mortgages. The Reverse Focus is another website specifically about reverse mortgage marketing.
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
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.
Reverse mortgage reviews your current mortgage payments with the amount of equity you have built up. There are several companies with this option but the majority only offer this for seniors.
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
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.
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.
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.
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.
Many of your large nation banks will offer a AARP reverse mortgage. You may be able to go through a mortgage broker as well who can help you navigate the application process and offer competitive rates.