Looking at a Reverse Mortgage?
Reverse mortgages have become more popular in the last decade. Are you looking at a reverse mortgage? As the statistics and performance of a large number of reverse mortgage come in, they have become more acceptable. A greater number of lenders and loan officers have become familiar with them and now originate them. FHA continues to be the dominant force in reverse mortgage, but other lenders have created new variants to provide differing options. Many borrowers have questions:
- How much money can I get from a reverse mortgage?
- How does a reverse mortgage work?
- What types of reverse mortgages are there?
- What options do I have to receive money every month from a reverse mortgage?
- When can I have a fixed rate reverse mortgage and when do I have to have an adjustable rate?
- What do I do about property taxes and property insurance?
- Do I have to pay MIP or PMI?
- What’s the loan to value ratio I use?
- Do I have to have a LESA? How does a LESA work?
- What are the risks of a reverse?
- A reverse mortgage allows my spouse and me to stay in our home until we die, right?
- Do I have to make payments?
- If I don’t have to make payments, how can I be in default?
- How is a reverse mortgage different from a regular (forward) mortgage?
- Will our children have to sell the house after we die?
- Can I buy a home with a reverse mortgage?
- Can I transfer a reverse mortgage to a new home?
Like normal mortgages, reverse mortgages have a number of key elements for a borrower to know. Winning Mortgage, Winning Home provides this education in an easy to read format with explanations and examples.
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