The simplest way to search for a FHA-approved reverse mortgage lender in your area is through the U.S. Department of Housing and Urban Development’s (HUD)database of reverse mortgage lenders. (Select your state, uncheck Title I Property Improvement, and check off HECM.) When do you have...
Bankrate and AARP take a more subdued stance, stating that“the interest rates on reverse mortgages vary by lender, but tend to be higher compared to a regular mortgage”4and“reverse mortgage interest rates tend to be a bit higher than rates for home equity loans or home equity lines of c...
National Reverse Mortgage Lenders Association (NRMLA), headquartered in Washington, D.C., is the national voice for lenders and investors engaged in the reverse mortgage business,www.reversemortgage.org.
A Reverse Mortgage is a type of home loan that lets you convert a portion of the equity in your home without having to sell the home, give up title or take on a new monthly mortgage payment. It is also known as a HECM. The money you receive can be used for any purpose you choose...
Reverse mortgage lenders say that they abide by federal rules, noting that their goal is to avert foreclosures, which can be costly and time-consuming. And used correctly, reverse mortgages can help older homeowners get cash to pay for retirement. Peter H. Bell, president and chief executive ...
* Independent Living Resource Center. This nonprofit group also publishes a list of reverse-mortgage lenders and a brief description of alternatives. But unlike the AARP, the center focuses only on California--which means its list tends to be more up-to-date than those offered by other agencies...
Ibis Software is used by six of the top ten loan originators.Plus the AARP and NRMLA websites and many other lenders, banks and credit unions who use Ibis Software for their websites, retail and wholesale businesses. To schedule a demo or arrange a test drive, contactIbis. ...
You can learn more about reverse mortgages from the AARP. In addition, the names of FHA-insured lenders are available from the Federal National Mortgage Association (Fannie Mae), (800) 7-FANNIE. Created date: 04/16/2013 Related Articles...
You must own your home outright, or have a low balance on your mortgage. Lenders typically require that you have at least 50% equity in your home. If you have a mortgage balance, then you’ll need to be able to pay it off with the money from the reverse mortgage. ...
* For example, Washington, D.C.--based AARP reported that Americans aged 50 and older accounted for more than a quarter of all home foreclosures and mortgage delinquencies in the second half of 2007. And 2010 marks the first time in 35 years that seniors will not get a cost-of-living ...