WTH is a reverse mortgage?

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Maybe [the kids will want to keep the home] and will do the refi wth you.” But there are also entire databases of customers of large banks and other mortgage companies that have prospective borrowers.

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A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral. If your number one goal with the Reverse Mortgage is to get your hands on as much money as possible this is the option for you.

By definition, a reverse mortgage – also known as a Home Equity Conversion Mortgage, or HECM – is a financial product for homeowners 62 and older that allows borrowers to convert a portion of the home’s equity into cash without incurring monthly payments.

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Reverse mortgages enable you to convert your home equity into cash, but while most homes are eligible, some are not. If you live in a condominium, your property and homeowners’ association may need to meet certain additional requirements in order for you to get a reverse mortgage.

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

Reverse mortgages may be the most misunderstood – and the most maligned – financial product out there. But for those who are certain they are simply a scam, shrug off your perceptions for a moment and.

For instance, a 62-year-old who buys a $400,000 home with a reverse mortgage for purchase must make a down payment of $159,450, according to a recent quote using All Reverse Mortgage Company’s.

I was wondering, what happens when the reverse mortgage was done, later after the borrower dies, the beneficiary learns of the reverse mortgage, and also learns that an irrevocable trust was created 10 years before the reverse mortgage, placing the property in a trust for the minor.

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