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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 ...
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 ...
If a creditor sues to collect a debt you owe and wins a court judgment against you, the creditor can ask the court for an order to garnish your salary, bank account, or other assets. The court order would instruct ...
The Equal Credit Opportunity Act does not guarantee that you will get credit. You must still pass the card issuer’s tests of creditworthiness. But the law bars discrimination based on age, sex, marital status, race, color, religion, and national origin ...
Generally, age cannot be used to make credit decisions; however, it may be considered in certain circumstances. For example, a creditor may use an applicant’s age as part of a valid credit scoring system (so long as it does not ...
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 ...
