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A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
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The Basics of Reverse Mortgages | Professional Mortgage. – Proprietary reverse mortgages are the third type of reverse mortgage. They aren’t federally insured because they exceed lending limits set by the federal government. proprietary reverse mortgage is also known as jumbo reverse mortgage because it’s a high-value loan, and only certain lenders offer this type of loan.
A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property.
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That description is mostly true, but there are a few caveats. Here are the basics: a reverse mortgage is a special kind of loan that allows you to turn your home equity into cash in a variety of ways.
· There are three main reverse mortgages: single purpose, proprietary, and federally-insured, also known as home equity conversion mortgages (HECMs). Most people don’t know it, but you can also finance a new home with a reverse mortgage, through a fourth type: the home equity conversion mortgage for purchase (H4P).
If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings
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The Reverse Mortgage Times offers a 23-page web brochure on the basics of reverse mortgages and key decisions you face to determine whether you should .