WHAT IS A REVERSE MORTGAGE

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WHAT IS A REVERSE MORTGAGE

Post  Walter Cabe on Mon Jan 28, 2008 7:27 pm

I've heard of a reverse mortgage but what exactly is a reverse mortgage.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Ralph J on Mon Jan 28, 2008 7:39 pm

Its a loan that let me convert a portion of the equity in my home into cash. The social security I'm drawing isn't enough to meet my monthly bills thats why I got one.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Nini Stone on Tue Feb 05, 2008 9:58 am

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Nini Stone on Tue Feb 05, 2008 10:04 am

The reverse mortgage is federally-insured as well.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Walter Cabe on Tue Feb 05, 2008 11:00 am

It is terrific for us seniors if we remember to take care of our money when we get it.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Marc Johnson on Thu Feb 07, 2008 10:30 am

It is a loan that lets you live your life time in your home and live off the equity. It means that you will be able to spend the money instead of your kids if you wish and need it.

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Re: WHAT IS A REVERSE MORTGAGE

Post  Lizzy B on Fri Feb 08, 2008 12:57 pm

Its a federal program for senior citizens 62 years and older that own their homes giving them the ability to borrow on the equity of their home. It, also, ensures that the bank will receive full repayment of your loan balance, even if it exceeds the value of your home. This means that you cannot be forced to sell or vacate your home, even if the loan balance exceeds the value of your home. In addition, as a HECM borrower, neither you, your heirs, nor your estate will ever owe more than your loan balance or the value of your property (whichever is lower) and no assets other than your home must be used to repay your debt, because, the FHA insurance covers any further financial obligation to the bank.

Another advantage to the HECM Reverse Mortgage is that you are guaranteed to retain ownership of your home for life.

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Reverse Mortgage

Post  Hudfha on Fri May 31, 2013 4:43 am

The Reverse House loan is a residential house mortgage personal loan supplied by lending institutions these kinds of as financial institutions and home finance loan firms, and insured because of the government through the Office of Housing and urban Enhancement as well as Federal Housing Authority .

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