Reverse Mortgages Questions And AnswersReverse Mortgage Programs Q&As Q. What Is A Reverse Mortgage?A. A special type of loan available to equity-rich, older owners. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Repayment is not necessary unless the borrower sells the property or moves into a retirement community. Q. Why Do Some Seniors Opt For Reverse Mortgage Funding Programs?A. to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses. Equity is converted into cash. No need to sell the home. Q. Are Reverse Mortgages Federally Insured?A. Home Equity Conversion Mortgages(HECM) are federally-insured. HECM lenders must follow HUD rules. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan for those who wish to stay in their homes but need the cash. Q. Do I Qualify For A Reverse Mortgage?A. Qualifying homeowners must be at least 62 and live in the home. Q. What Lenders Offer Reverse Mortgages?A. Because many reverse mortgage programs such as HECM's are federally-insured and backed by HUD rules, many lenders are offering the service. Q. What Types of Reverse Mortgage Loans Are There?A.
Home Equity Conversion Mortgages (HECMs) - A mortgage program backed by the
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What Is Home Mortgage Refinancing? Refinancing - Same as refunding. The repayment of a loan with funds from a new loan secured by the same property as the first loan. New securities are sold by a company and the money is used to retire existing securities. The new loan may be from the same or a different lending institution. The object may be to save interest costs, extend the maturity of the loan, or both. The process in which one replaces the original mortgage loan with a new one to take advantage of lower interest rates or better terms or to get cash. If an existing obligation is satisfied and replaced by a new obligation of the same consumer, then the transaction is considered a refinancing. Publisher Reviews Affiliate Network of Lending MarketplacesRead our reviews of longtime successful lending marketplaces that have helped millions save billions of dollars in interest rate charges by offering competitive mortgage rates and access to lenders advertising low cost loan products. What Home Equity Refinancing Can Do For You
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