reverse mortgage definition wikipedia

A Reverse Mortgage (RM) is a special kind of loan which can be obtained if you are at least 62 years of age (if married, the youngest must be at least 6 and own your own home, condo, or co-op. A Reverse Mortgage (RM ) converts a portion of the value (equity) of a home into instant cash.

The lender will add a "margin" to the index to determine the rate of interest actually being charged. The margin used in our calculator is 250 basis points (2.50%). You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs.

Define reverse mortgage. reverse mortgage synonyms, reverse mortgage pronunciation, reverse mortgage translation, English dictionary definition of reverse mortgage.. reverse mortgage translation, English dictionary definition of reverse mortgage. n. A mortgage in which a homeowner, usually an.

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Reverse Mortgages Now Harder to Get. If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify

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Home Equity Conversion Mortgage – HECM: A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgages allow seniors to.

A Reverse Mortgage (RM) is a special kind of loan which can be obtained if you are at least 62 years of age (if married, the youngest must be at least 6 and own your own home, condo, or co-op. A Reverse Mortgage (RM ) converts a portion of the value (equity) of a home into instant cash.

 · On a reverse mortgage, borrowers must be 62 or older, and have significant equity in either a home that is their permanent residence, or one they plan to purchase using the reverse mortgage. The house must be single family, in a 2-to4 family structure, in an FHA-approved condominium, or an approved manufactured home.

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