Before senior homeowners are eligible to apply for a Reverse Mortgage, they must first discuss the loan with a counselor employed by a non-profit or public agency approved by the U.S. Department of Housing and Urban Development (HUD). Before an application can be processed the applicant must complete either face-to-face or telephone counseling. Both HUD […]

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Several National lenders have entered the Reverse Mortgage market recently. Bank of America, headquartered in Charlotte, NC recently agreed to purchase Reverse Mortgage of America, a division of Seattle Mortgage Co. The acquisition will make Bank of America, the third largest originator of Reverse Mortgages, trailing only Financial Freedom and Wells Fargo. Countrywide Financial Corp, […]

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1. All Borrowers On Title Must Be 62 Years or Older 2. There Are No Health Requirements. Your Health Is Not A Factor 3. There Are No Credit or Income Requirements 4. The Home Must Be Your Primary Residence 5. You Must Have Little or No Outstanding Mortgage Balance 6. If You Have a Mortgage, […]

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A Reverse Mortgage is a unique type of home equity loan. You receive cash against the value of your home without selling it. You can choose whether you want to receive a lump-sum payment, a monthly payment, or a line of credit. There are no restrictions on how you use the reverse mortgage funds. Reverse […]

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AARP (American Association of Retired Persons) does not endorse any particular Reverse Mortgage lender or product. However, they have been national leaders in educating seniors and their families about reverse mortgages as well as helping legislate changes that have made reverse mortgage loans safer and more useful to senior homeowners. AARP led the effort to […]

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Although AARP (The American Association of Retired Persons) does not endorse any particular Reverse Mortgage lender or product, they have been instrumental in educating seniors about Reverse Mortgages. The AARP, in conjunction with HUD (Housing and Urban Development), implemented The Reverse Mortgage Education Project. The project administers a national HECM (Home Equity Conversion Mortgage) Counselor […]

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The most popular Reverse Mortgage is the Home Equity Conversion Mortgage, also referred to as the HECM. The HECM is federally insured through FHA and backed by HUD. The HECM reverse mortgage, for most people, offers the most money as well as the lowest interest rate. 90% of all the Reverse Mortgages originated in the […]

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Seniors need to be aware that even though the vast majority of the people working in the Reverse Mortgage field are reputable, there are a few that are not completely honorable. A few things that the senior should be aware of are: Encouraging Reverse Mortgages So That Seniors Can Buy Other InvestmentsSome companies that are […]

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