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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.
Can I get a reverse mortgage through my bank?
Many lenders do not offer reverse mortgages and without knowing who your bank is, it is difficult to say if they are a good choice. You may want to start there and look for their recommendation if they do not offer them.
What is the general rate for reverse mortgage?
reverse mortgages rates vary a bit by lenders the most common rates right now are as follow FIXED HECM : 4.75%-5.3% ADJUSTABLE HECM: 2.25%-3.23%
What rates do the cheapest buy to let mortgages start at?
Current mortgage rates differ from area to area. Smaller mortgages are not offered by many lenders because the lender makes less profit on a smaller mortgage than a larger one. Lenders that do offer smaller mortgages will likely charge a higher interest rate for them than for larger mortgages. A local lender may be a better option than a national lender because they are familiar with the area.
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.
Is there a list on the internet including 100 mortgages?
You can find lists of mortgage lenders tailored to fit your individual needs. There are lists for people who need 100% mortgages, reverse mortgages, refinancing, etc.
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.
Can I get a reverse mortgage through my bank?
Many lenders do not offer reverse mortgages and without knowing who your bank is, it is difficult to say if they are a good choice. You may want to start there and look for their recommendation if they do not offer them.
Where are the best reverse mortgages in california?
In searching for a reverse mortgage, the market is saturated with companies offering their services. It is important to locate a licensed lender to originate your reverse mortgage. The best place to locate a licensed lender would be the National Reverse Mortgage Lenders Association site, where you can put in your state and the site will list licensed lenders in your area.
What is the general rate for reverse mortgage?
reverse mortgages rates vary a bit by lenders the most common rates right now are as follow FIXED HECM : 4.75%-5.3% ADJUSTABLE HECM: 2.25%-3.23%
What rates do the cheapest buy to let mortgages start at?
Current mortgage rates differ from area to area. Smaller mortgages are not offered by many lenders because the lender makes less profit on a smaller mortgage than a larger one. Lenders that do offer smaller mortgages will likely charge a higher interest rate for them than for larger mortgages. A local lender may be a better option than a national lender because they are familiar with the area.
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.
What lenders do sub prime mortgages?
Not all lenders give the oppurtunity of sub prime mortgages, but one for example that does is the Infinity Federal Credit Union (IFCU). This is one of the posibilities.
Where can one find information regarding senior reverse mortgages?
The best place to find information about senior reverse mortgages is to contact your local bank or credit union. If one wants additional information the HUD website provides detailed information about senior reverse mortgages.
Does the bank pay for ads for reverse mortgages?
Yes. If the bank advertises reverse mortgages it must pay for the advertising.
