Reverse-mortgages Articles

Posted on May 11   By MLP Lending Guide
As with many loans there is a cancellation option after signing the papers for a reverse mortgage. Cancellation must occur within three business days of the mortgage closing. Cancellations must be in writing (a form is provided by your lender) and must be filed before the end of business closing on the third business day after closing the original mortgage. Loans can only be cancelled in writing and not by telephone or via a verbal confirmation..... Read More...
Posted on May 10   By MLP Lending Guide
One reason some of the mature American population chooses a reverse mortgage is to obtain money for long-term care. Long-term care is expensive and can cause undue stress to your and your family. A reverse mortgage will help alleviate some of this burden. A reverse mortgage will assist you with the costs associated with medical care, without increasing your living expenses or debt to income ratio. The longer you have owned your home, the more equity that you have built. If you are not choosing .... Read More...
Posted on May 09   By MLP Lending Guide
As you investigate the possibility of a reverse mortgage, you may wonder about your heirs should you pass before the loan is due. It may be an uncomfortable topic to think about, but is important nonetheless. You may wonder whether or not to include them in the planning process. It is important to consider your current situation to decide who will be involved in the planning of your reverse mortgage. It is important to understand that with a reverse mortgage you are using the equity in your hom.... Read More...
Posted on May 08   By MLP Lending Guide
Many older Americans are taking advantage of a new type of FHA loan. This new loan actually pays the borrower over time, as opposed to more traditional type of loans. This new loan is called a Reverse Mortgage. In the simplest of terms a reverse mortgage converts the equity of a borrowers home into cash payments. So how do you know if you qualify? Listed below are the 4 things potential borrowers have to have in order to be eligible for a reverse mortgage. 1. Potential borrowers must be at.... Read More...
Posted on May 03   By MLP Lending Guide
As with a new home or a refinance of a home, there are costs associated with obtaining a reverse mortgage. The following are some of the fees associated with a reverse mortgage loan. It is important to note that many times these fees are capped to avoid large costs to pay upfront: Origination fee Insurance premium Appraisal Fee Closing Costs Origination Fee Origination fees are charged so that the lender may cover operating costs associated with their business. Mortgage Insurance Pr.... Read More...
Posted on April 30   By MLP Lending Guide
A reverse mortgage is a type of mortgage that allows for owners to quickly exchange the equity in their home for cash. The mortgage does not have to be paid back until the home is sold, or the owner no longer lives in the home as their primary residence. Typically reverse mortgages are ideal for elderly homeowners. Since many mature homeowners on a fixed income, using the equity in a home can help with bills, unexpected expenses (such as medical costs) and the upkeep of a home. The reverse mor.... Read More...
Posted on April 25   By MLP Lending Guide
Are you an older American in need of a safe plan that can give you greater financial security? Do you need extra funds to supplement your social security, make home improvements, meet unexpected medical expenses, or more? The U.S. Department of Housing and Urban Development (HUD) has created a federally-insured private loan that may just provide the money youve been looking for. It is the Reverse Mortgage and it becoming more and more popular in America. If youre interested in a Reverse Mo.... Read More...
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