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What is a Reverse Mortgage? Explained in Simple Terms!

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What is a Reverse Mortgage?  In a nutshell, a Reverse Mortgage is:  A loan against your home's equity Designed to meet the needs of retirees on fixed income Funds borrowed require no monthly mortgage payments Use tax-free cash for virtually anything (supplement SS income, pay for long term care etc.) Loan is repaid when you pass away or sell your...
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Reversemortgage.org Releases New 2018 Consumer Guides

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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...
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Everything You Should Know About HECM Reverse Mortgages

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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...
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How Long Does a Reverse Mortgage Take to Close?

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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...
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A Look Into The Reverse Mortgage Process and Timeline to Closing

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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?...
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Reverse Mortgage Occupancy Requirements Explained

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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...
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Reverse Mortgage Meaning: Common Terms Explained

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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...
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