In short, a reverse mortgage is a mortgage that does not require any mortgage payments to be made, and the funds received from the loan can be received via a lump sum of money, an equity line of credit, or monthly payments made to you from the lender. Most of these mortgages are backed by FHA's HECM program.
There are many good detailed articles on what they are, as well as videos. Wikipedia has a good section on this, i have a full guide on my site as well.
The short version of how it works is that you must be at least 62 years old to qualify, and the loan size is based on the current interest rates, the location of the home, and its value. Your age is factored in as well as the loan is based on life expectancy. A reverse mortgage can only be done on a primary residence. Its a non-recourse loan meaning that only the property is offered as collateral, the lender cannot pursue you or your estate for any shortage to the payoff if the loan size ever exceeds the value of the home. You can never be forced to move as long as you live there.
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.
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 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.
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.
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.
A reverse mortgage calculator is only as accurate as the information that is imputed by the user. Consider it as an educated guess or a ball park estimate.
A reverse mortgage adviser usually tells people how much their homes are worth. Sometimes they work for financing companies or banks, and do estimates on homes.
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
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 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.
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.
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.