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Reverse mortgages do not carry the same risks as conventional mortgages. Since repayment of the loan is not made until the borrower is no longer living in the home, there are no worries about fees associated with late payments, or possibly losing the house due to foreclosure.
However, the interest on a reverse mortgage is compounded, which means that each month the interest is calculated against both the principle and the interest that has already accrued. This can cause the amount owed to grow at an incredible rate. Care should be taken not to borrow more than is necessary, in order to lessen this effect.
For FHA insured reverse mortgages, the home owner must undergo mandatory counseling before receiving the loan, in order to ensure that they are fully aware of all of the factors that go along with the reverse mortgage, as well as to educate them of the alternatives that may be available.
What else can I help you with?
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 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.
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.
Are you able to take a reverse mortgage to use equity in the down payment of another home while the present home is on the market?
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
What exactly are reverse mortgage leads?
"Reverse mortgage leads are people who need to refinance their mortgages. Companies get this information, and then sell these peoples numbers to banks that do mortgages."
Are reverse mortgages considered risky or safe?
They can be risky because there are alot of upfront charges that you arnet told about at first. Also if you would like to qualify for medicaid in the future it may prove to be a barrier for you in that aspect.
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 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.
Do you have reverse mortgages for seniors?
johnl:www.seniorreversemortgage.com
What will the government do with the risky mortgages?
Once the economy stabilizes they would sell it.
What are reverse mortgages and how do I qualify for one?
Reverse mortgages are becoming increasingly popular and are available to thousands of homeowners ages 62 and higher. To get all the information on reverse mortgages visit http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm.
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 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.
Where can I learn about reverse mortgage wells?
Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.
What are my options for reverse mortgages in california?
California does indeed have reverse mortgages but if you do not qualify there are at least 6 different options that you can go to if you dont qualify.
