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It’s simple: You want to own a home. But we know the finances can be much more complicated than that. From adjustable rate mortgages to home equity lines of credit, ask CFPB your questions about mortgages. Find a question by searching, or by browsing this complete list. Select topics on the side to narrow your results.
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A reverse mortgage is a special type of loan that allows homeowners 62 and older to borrow against the equity in their homes. It is called “reverse” because you receive money from the lender, instead of making payments to the ...
All reverse mortgage loans become due and payable when the last surviving borrower permanently moves out of the home. Typically, a “permanent move” means that neither you nor any other co-borrower has lived in your home for one continuous year. ...
Depending on your financial situation and needs, there may be other types of loans that make more sense for you. These include second mortgage loans, which may have lower fees – but you will need to be able to make ...
Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. The HECM program offers several product options. Loan type. Borrowers have a choice between two types of loans: A ...
No. When you take out a reverse mortgage loan, the title to your home remains with you. You must continue to pay for repairs, property insurance, and taxes. When your move out, sell the home, or the last surviving borrower ...
Some fees are limited and some are not. Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. Upfront charges for a HECM loan consist of the upfront ...
Your reverse mortgage loan becomes due when the last surviving borrower dies or no longer lives in the home for 12 continuous months or more, including due to a hospitalization or moving into a nursing home. Your heirs must pay ...
You do not have to pay an estate planning service or anyone else to find you a reverse mortgage. The Department of Housing and Urban Development (HUD) provides both a list of HUD-approved lenders on its website at no cost ...
Here are some things you might want to discuss with a housing counselor if you are considering a reverse mortgage: The cost of the counseling (if any) and whether you might qualify for a fee waiver A basic description of ...
You can check whether a housing counselor is approved by the Department of Housing and Urban Development (HUD) by visiting HUD's counselor search page or calling HUD's housing counselor referral line (1-800-569-4287).
