Seniors who take advantage of the reverse mortgage programs offered by the Department of Housing and Urban Development (HUD) will be expected to pay two distinct mortgage insurance premiums. The first will be an upfront mortgage insurance premium, or MIP, that is collected by the Federal Housing Administration (FHA) immediately ... Read more (521 words)

When most seniors ask, "How does a reverse mortgage work?" they are really asking how to apply and qualify for a loan. For many seniors, qualifying is the simple part. To qualify for a federally-insured loan, or Home Equity Conversion Mortgage, seniors must be 62 years of age, own an ... Read more (549 words)

When most seniors ask, "How does a reverse mortgage work?" they are really asking how to apply and qualify for a loan. For many seniors, qualifying is the simple part. To qualify for a federally-insured loan, or Home Equity Conversion Mortgage, seniors must be 62 years of age, own an ... Read more (549 words)

While some seniors plan on using a reverse mortgage as a retirement tool, many others are still on the fence. By now, many consumers know that reverse mortgages are loans that allow seniors over 62 years of age to convert a portion of their home equity into cash. Many consumers ... Read more (501 words)

Home Equity Conversion Mortgages (HECMs) remain popular with seniors interested in making the most of their home equity during retirement. While many of the requirements necessary to qualify for an HECM are clear, others are somewhat hazy. Seniors who are interested in these loans often wonder if they have enough ... Read more (498 words)

A reverse mortgage is a special type of loan that lets seniors borrow a portion of their home equity and defer payment until they pass away or move from their home. To qualify for a loan, borrowers must be at least 62 years of age and have a small remaining ... Read more (506 words)

Seniors who are interested in getting a reverse mortgage are usually interested in three things: whether they qualify, what they have to do to get a loan and how much money they are eligible to receive. While these are very important factors, seniors should also be asking, "How does a ... Read more (555 words)

Lately, reverse mortgages have been getting some negative media attention. This is because, as of last year, an estimated 30,000 of these loans have fallen into default. This means that around 5% of borrowers are at risk of losing their homes unless they can get their loans back into good ... Read more (509 words)

A reverse mortgage calculator is a tool used to estimate the amount of money an individual might be able to receive through a reverse mortgage. To use these calculators, seniors simply input their age, home value, existing mortgage balance and estimated interest rate. The calculator will use this information to ... Read more (505 words)

To qualify for a federally-insured reverse mortgage, also known as an HECM, seniors are required to complete one HUD-approved counseling session. This is one aspect of the loan process that tends to make seniors nervous. The term "counseling" can be a little intimidating. Fortunately, these meetings are much more casual ... Read more (541 words)