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Reverse mortgage Table of Contents 1.0 Introduction to Reverse Mortgage 4 2.0 Basic Loan Features 4 3.0 Reverse Mortgage Products 9 3.1 Home Equity Conversion Mortgage
Reverse Mortgages The Pros and Cons of a Reverse Mortgage. Over the past 10 years, the real estate market has grown tremendously. Within this ten year growth spurt
The Department of Housing and Urban Development (HUD).administers FHA loans. Options for a reverse mortgage are available for seniors and energy-efficient options
considered to be below prime and therefore to be of higher risk than other normal mortgages. Reverse Mortgage is a loan made available to senior citizens and is used
on being in their house for too long. Other kinds of mortgages are reverse and jumbo. A reverse mortgage is one that provides a senior with funds from the equity
Submitted by wewake on January 24, 2008
Category: Miscellaneous
Words: 5693 | Pages: 23
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Table of Contents
1.0 Introduction to Reverse Mortgage 4
2.0 Basic Loan Features 4
3.0 Reverse Mortgage Products 9
3.1 Home Equity Conversion Mortgage (HECM) 9
3.2 Fannie Mae Home Keeper 10
3.3 Cash Account 10
3.4 CHIP Reverse Mortgage for Seniors 12
4.0 The Reverse Mortgage Workflow Customers Perspective 14
4.1 AWARENESS 14
4.2 COUNSELING 14
4.3 APPLICATION / DISCLOSURE 14
4.4 PROCESSING 14
4.5 UNDERWRITING 14
4.6 CLOSING 15
4.7 DISBURSEMENT 15
4.8 REPAYMENT 15
5.0 Typical Costs in Getting a Reverse Mortgage 15
5.1 Origination Fee 16
5.2 Mortgage Insurance Premium 16
5.3 Appraisal Fee 16
5.4 Closing Costs 17
5.5 Servicing Set-Aside 17
6.0 References 18
7.0 Appendix 18
1.0 Introduction to Reverse Mortgage
Traditionally there were two main ways to get cash from a home
Sell the house, which meant moving from there;
Borrow against the home, which meant one would have to make monthly loan repayments.
A Reverse Mortgage' is a mechanism by which a home owner could obtain the money required but without having to either sell the house or be burdened with monthly repayment obligations. It is a type of loan used by older consumers as a way of converting their home equity into cash flow while retaining ownership and possession of the property.
The reverse mortgage is aptly named because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you. Eligible property types include single-family homes, manufactured homes (built after June 1976), qualified condominiums, and townhouses. The source of funds for the money received is the equity in the home owned by the borrower. Unlike the loan balance of a conventional mortgage, which becomes smaller with each monthly...
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