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What The Coronavirus Means For Reverse Mortgages

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The outbreak of the COVID-19 coronavirus in the United States has universally disrupted the regular, daily lives of Americans as well as the nation’s economy. As the risk of infection and the possibility of hospitalization, particularly for older Americans, has led to orders from federal, state and local governments that encourage “social distancing” in an effort to slow the...
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How the Reverse Mortgage Margin & Libor Rate Works

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One of the key questions that always surrounds any reverse mortgage is how much money you, as the borrower, will be able to draw from the loan. The amount of money you can get from the proceeds of a reverse mortgage is primarily based on two important factors: your age, and the loan’s interest rate and margin.  Typically, older...
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Reverse Mortgage Expected Rate is Key to the Principle Limit

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Most people are aware that they receive a percentage of their home's value or the Government lending limit (whichever is less) based on their age when qualifying for a Reverse Mortgage loan. However, what many consumers are not aware of is the effect of the "Expected Interest Rate" as it correlates to their available proceeds on a Reverse Mortgage loan....
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Which is Best? Fixed vs. Adjustable Rate Reverse Mortgages

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If you’ve made the decision to stay in your home, but you’re not sure if your savings will last, a reverse mortgage could be a potential solution to help you achieve that goal. But different reverse mortgage types can serve different purposes and as with any mortgage, you must consider which program and rate option are best suited for you. Just like...
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Advantages and Disadvantages of Fixed Rate Reverse Mortgages

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Fixed Rate Reverse Mortgages – which is right for you? Many senior borrowers have been raised on the idea that a fixed rate loan is the “only way to go”.  Still others remember back to the early 80’s when interest rates climbed as high as 18%. Some borrowers experienced rising interest rates from adjustable rate loans (or knew others who...
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Understanding the Reverse Mortgage Amortization Schedule

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Once you have decided that a reverse mortgage is right for you, it’s important to look at the amortization schedule. What is a reverse mortgage amortization schedule? A reverse mortgage amortization schedule is a document that will provide a best estimate of how the loan could grow over time. Unlike a traditional loan, a reverse mortgage is a negative amortized...
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2018 Reverse Mortgage Interest Rates On The Rise!

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What Rising Interest Rates in 2018 Mean for Reverse Mortgage Borrowers Interest rate increases impact reverse mortgage borrowers differently from how they impact forward mortgage borrowers. While gains in short-term rates have a minimal effect on the amount of loan proceeds reverse mortgage borrowers may be eligible to receive, hikes in longer-term rates can significantly reduce their borrowing power over...
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Reverse Mortgage Interest Rate Cap Explained

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Can the loan balance grow beyond the value of the house? I thought there was a cap of 60% of the value of the house? There is no "cap" on the amount of interest that can accrue. In many cases, especially if the value of the home declines as they have done in recent years, the balance of the reverse...
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How Will Brexit Impact Reverse Mortgages?

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As you have heard by now, Brexit happened. The United Kingdom voted in referendum in June to leave the European Union. Though nothing catastrophic has happened as a result, there will likely be some slow changes taking place across the real estate landscape in the U.S. in the coming years, especially when it comes to the housing market. Since...
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Reverse Mortgage Fixed Rate & Unusable Funds Explained

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All Reverse Mortgage® is an Award-Winning HUD Approved Direct Lender. Compare our NEW 3.68% (5.25%APR) Fixed Rate and Save Thousands! – Request Free Quote! – *Fixed interest rates are subject to change without notice. 3.68% Fixed product not available on HECM Purchase transactions.  If you have decided that you’d like to use a reverse mortgage to tap into your...
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