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'About Reverse Mortgages' Category Archives

Why Reverse Mortgages Have 2 Notes & 2 Trust Deeds

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Borrowers often encounter confusion as they approach the crucial moment of signing their final documents for a reverse mortgage.  They are introduced to a First and Second Trust Deed Note and Two Deeds of Trust (or mortgage, depending on the state laws applicable to the property). Compounding the complexity, the amounts specified on the Note and Deed of Trust can...
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How Reverse Mortgages Work? Explained in Simple Terms!

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Welcome to our expert guide on reverse mortgages!  In this article, I will explain the concept of reverse mortgages by breaking down how they work in easy-to-understand terms.  Whether you are a senior homeowner considering your financial future, a family member helping a loved one navigate their options, or simply curious about how these unique mortgage solutions operate, you're in...
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HECM: A Simple Guide to Home Equity Conversion Mortgages

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While many people are familiar with the concept of a reverse mortgage, fewer know the ins and outs of HUD's reverse mortgage program, the Home Equity Conversion Mortgage or "HECM."  This type of reverse mortgage comprises the vast majority of reverse mortgages closed in the U.S., is insured by the Federal Housing Administration, and follows the rules and regulations set...
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6 Questions to Ask Your Reverse Mortgage Loan Officer

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You've made the decision to pursue a reverse mortgage, and now you're meeting with a loan officer for the first time.  Though you may understand the basics of a reverse mortgage, there are certain questions you may want to bring with you for your first meeting to clarify some of the details that could potentially catch you off guard down...
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Debunking 6 Common Reverse Mortgage Myths in 2024

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Reverse mortgages are a financial product that has gotten a lot of bad press over the years, leaving many people with negative or problematic associations who could benefit from this type of loan.  What's the real problem with the reverse mortgage? Is it as bad as some media outlets would have you believe?  The short answer is no, but don't...
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Here’s the Truth About Reverse Mortgages (No BS)

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I have read so much reverse mortgage info.  It sounds like it is not really to help you but for the bank to help themselves.  It is designed to make you think they are helping you, but the truth is you are giving away your home.  You are selling it to them for a very low price.  If you get...
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Exploring 3 Types of Reverse Mortgages in 2024

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While most reverse mortgages are Home Equity Conversion Mortgages, or "HECM" loans, there are several reverse mortgage loan types to consider if you are in the market to tap into your home equity. In this article, you will learn: What differentiates the 3 different types of reverse mortgages Key elements that each type offers Resources and where to learn more...
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The Complete Guide to Understanding Reverse Mortgages

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[arlo_toc] What is a Reverse Mortgage? A reverse mortgage is a loan. It is not a government grant. You are not selling your home to the bank and are still on title to the property. Just like any other loan, you are still responsible for the payment of your taxes and insurance, but unlike other loans, with a reverse mortgage, borrowers...
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Here’s How Long it Takes to Close on a Reverse Mortgage

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How long does a reverse mortgage take to close?  Can it be completed in a month or less? [arlo_toc] Reverse Mortgages can close in 30 days. Closing a reverse mortgage within 30 days is achievable, particularly when all the necessary elements align perfectly.  This ideal scenario includes the borrower completing their mandatory counseling, promptly returning the signed application, and...
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Reverse Mortgage Payment Options: Term, Ten Year & Tenure Explained

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I applied for a reverse mortgage ten months ago with the understanding that I was applying for a ten-year reverse mortgage.  Then, I received a letter from the servicing department that the final monthly payment would end on October 2.  After calling the lender who wrote up the package and then checking, it was determined that the person processing my...
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