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A reverse mortgage is a loan for homeowners age 62 and older that provides access to a portion of equity without the burden of monthly mortgage payments. Instead, you have the option to defer repayments until the home is sold, with the loan repaid when you pass away or sell your home. All remaining equity belongs to your heirs.... Read Full Article
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A reverse mortgage works by allowing homeowners age 62 and older to borrow from their home’s equity without having to make monthly mortgage payments. As the borrower, you may choose to take funds in a lump sum, line of credit or via structured monthly payments. The repayment of the loan is required when the last surviving borrower vacates the home... Read Full Article
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First off, I absolutely LOVE this site! So informative as it relates to reverse mortgages. Thank you for helping us navigate this reverse mortgage world. My parents had a RM. Mom passed away last year; dad this past June. They had a Trust and will. Their house was in the Trust with instructions to sell it and distribute assets... Read Full Article
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New Consumer Guides Walk You Through the Reverse Mortgage Process More than one million American homeowners have been served by Federal Housing Administration-backed reverse mortgages via the Home Equity Conversion Mortgage program. Now in its 27th year, the HECM program continues to enhance its consumer protections as lenders strive to improve the customer experience for both reverse mortgage borrowers and... Read Full Article
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In the world of mortgages, one term is a must-remember for senior homeowners: Home Equity Conversion Mortgage, also known as a HECM, or “heck-um.” A breakdown of HECM loans and how they work reveals just how helpful they can be for qualified senior homeowners who are 62 years of age or older. Here are some common questions and answers... Read Full Article
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How long does a reverse mortgage take to close? Can it be completed in a month or less? We have had many that have been completed in this time-frame but I have to be honest with you, all the stars have to align just right or it will not close in the 30 days and especially at this time of... Read Full Article
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I understand there are many variables involved in 'how long' it takes, some of them due to applicant errors and misunderstandings.... but I would appreciate an average of start to finish for a reverse mortgage loan? I assume when the quotes arrive they will include 'next step' but what is the typical processing time to complete this type of transaction?... Read Full Article
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We live with my mother in law and were present throughout the process of her getting a reverse mortgage. The broker is fully aware that we live there with her and help keep up the property and pay living expenses. He told us if she ever needed to go to a nursing home, as long as she is on the... Read Full Article
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Reverse Mortgage Meaning Video When it comes to exploring reverse mortgages and how they could be helpful to your situation you first should have an understanding of the terms that will be used throughout the process. These terms will help you fully understand how a reverse mortgage works. Here are a few terms that may be helpful in... Read Full Article
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We bought our home 11 months ago so obviously our mortgage was done last June. According to what I understand the loan has to be more than 12 more than old. We will have to wait a few months to do a reverse mortgage? Hi Lowell, You and I also traded emails on this issue but I thought this was... Read Full Article
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