A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically...
Everything you need to know about reverse mortgages—what they are, how they work, and how to decide if one is right for you.
A reverse mortgage net principal limit is the maximum amount of money that a borrower using a reverse mortgage can receive, net of costs and fees.
The income required for a reverse mortgage depends on where you live. HUD publishes a residual income table of sufficient monthly income levels by family size and region.
Reverse mortgage applicants must be at least 62 years old and own a significant amount of equity in their home.
A HUD-1 form is an itemized list of all charges to be paid by the borrower in order to close a reverse mortgage or a refinance transaction.
A home equity conversion mortgage (HECM) is a type of Federal Housing Administration (FHA) insured reverse mortgage.
Homeowners can use their home equity to get cash via reverse mortgages or home equity loans and HELOCs. Here are the pros and cons of each.
Reverse mortgages are a versatile financial tool that over 1.2 million homeowners have used to age in place, and for other reasons. However, like any financial product, reverse more… A Checklist of...
The Federal Housing Administration (FHA) insures the most common type of reverse mortgage, called a home equity conversion mortgage (HECM).