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Home / Blog / About Reverse Mortgages / How Does a Reverse Mortgage Work? Know the Facts!

How Does a Reverse Mortgage Work? | Must Know Facts Updated for 2019

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'About Reverse Mortgages' Category Archives

How Does a Reverse Mortgage Work? Know the Facts!

    12 comments
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...
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What is a Reverse Mortgage? Explained in Simple Terms!

    70 comments
A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Available funds are distributed as a lump sum, line of credit or structured monthly payments. What it is  A loan against your home’s equity No monthly...
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Purchase Reverse Mortgage Purchase FAQs (Updated 2019)

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What is a Purchase Reverse Mortgage? A Reverse Mortgage for Purchase allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the HECM (Home Equity Conversion Mortgage) What is the purpose of the program? The Purchase Reverse Mortgage program was designed to allow seniors to purchase a new principal residence and obtain a...
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Reverse Mortgage Servicing, Setting the Record Straight.

    12 comments
Loan servicing is a critical component to the reverse mortgage process. It’s also one of the most misunderstood functions by borrowers. A reverse mortgage goes through several different cycles throughout the life of the loan. The loan begins in the origination stage, moves to closing and then enters the servicing phase, where the reverse mortgage will remain throughout the life of the...
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How to use a Reverse Mortgage in a Divorce Settlement

    58 comments
You may have heard about the ways in which a reverse mortgage can help improve your financial situation by allowing you to withdraw the equity in your home over time. For those people meeting the 62-year-old age requirement who have substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments...
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Are Reverse Mortgages Safe? These 4 Safeguards Will Surprise You!

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The decision to take out a Home Equity Conversion Mortgage (HECM) is a big one, and you may be wondering how safe this government-insured loan program is. While reverse mortgages aren't right for everyone, the HECM program has several built-in protections designed to keep borrowers safe. Safeguard #1 - Federal guarantee One of the program’s biggest protections is that...
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6 Questions to Ask Your Reverse Mortgage Loan Officer

    2 comments
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 for your first meeting to clarify some of the details that could potentially catch you off guard down the...
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Here are 3 Common Reverse Mortgage Examples in 2019

    12 comments
What is a reverse mortgage and how does it really work? We get this question all the time, from borrowers, family members and even others in the lending industry and other professional industries who just don’t understand the product.  It seems that almost everyone has an opinion on reverse mortgages and often they are based on almost no factual knowledge. Often...
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Kosher Reverse Mortgage for Veterans by Jack Guttentag

    2 comments
We had a “unique” caller leave us a message this weekend who questioned us on an endorsement we had received from Jack Guttentag, known to many as the Mortgage Professor.  Seems she felt that this was a scam and she contended that Guttentag meant good day in German and that this meant that it could not be Jack’s real...
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How Does a HECM Loan Work? Know the Facts!

    4 comments
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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