by All Reverse Mortgage 2 comments
A federally-insured reverse mortgage comes with the benefit that you, the borrower, will receive loan payments as agreed upon by the terms of your loan, and will never owe more than your home is worth. Those benefits are guaranteed by the Federal Housing Administration through its Home Equity Conversion Mortgage program, which includes the vast majority of reverse mortgages out there.... Read Full Article
by All Reverse Mortgage no comments
Overcoming Objections to Reverse Mortgage High Fees. Compared to alternatives. Read about home equity conversion mortgages (HECMs), and read about those who object to them—often citing high fees and risks to tapping home equity. Like other financial products, reverse mortgages come with certain borrowing costs. But, by understanding how these costs break down, you may discover that a HECM actually... Read Full Article
by All Reverse Mortgage 4 comments
If I take a reverse mortgage do I have to pay PMI insurance even if I pay my own home owners insurance? Hi Sue, PMI is the acronym that stands for "Private Mortgage Insurance". PMI is used on conventional loans and allows borrowers who wish to obtain a loan with less than 20% equity in a property to qualify... Read Full Article
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