Mortgages
What happens after I apply for a mortgage loan? What's private mortgage insurance? Search or browse for answers to these and other common questions.
What is a reverse mortgage?
A reverse mortgage is a special type of loan that allows homeowners 62 and older to borrow against the equity in their homes. It is called “reverse” because you receive money from the lender, instead of making payments to the ...
Are there different types of reverse mortgages?
updated 12/30/2013
Yes. Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. If you apply for a HECM loan, you can choose from the following options: Payment of loan ...
Can anyone apply for a reverse mortgage loan?
No – there are certain requirements you must meet in order to be eligible for a reverse mortgage: You must be at least 62 years old. The home must be your primary residence. You must have paid off some or ...
How do I know that a reverse mortgage is a good idea for me?
Here are some questions you could consider and talk to your family about before applying for a reverse mortgage. Is there another, cheaper way for you to achieve your financial goal? Before tapping into your home equity, see if you ...
How much money can I get from my home with a reverse mortgage?
updated 12/30/2013
Generally, the amount you will be able to borrow will be larger the older you are, the more valuable your home is, and the lower the interest rate. To start, you can use a reverse mortgage calculator to get a ...
How is a reverse mortgage different from a traditional mortgage?
updated 6/13/2013
A traditional mortgage is used to buy or refinance a home. The lender lends you the money to buy or refinance the home, and in exchange you promise to pay back the lender the money you borrowed, plus interest, over ...
More Articles
- Jo Freeman Reviews Electing Madam Vice President by Nichola D. Gutgold
- Help From a Familiar (and revamped) Government Resource: Consumer Financial Protection Bureau Resources For Consumers During Covid-19 Pandemic
- Nichola Gutgold Writes: “Klob-mentum” and the Pronouns To Help
- Biden, Klobuchar Rankings by the Lugar Center Highest Among Presidential Candidates Who Built Bipartisan Collaboration in the Senate
- What Does Your House Really Cost and Can You Afford It In Retirement?
- Kavanaugh Protests Continue: "Sexual Predators on the Court, Hell No, We Don’t Support" and "November Is Coming"
- Jo Freeman's Marching for Immigrants – Again; With the Theme of 'We Care'
- A decade after housing bust, mortgage industry is on shaky ground, experts warn: "There is great fragility. These lenders could disappear from the map”
- Women Rule? We're Getting Closer
- CFPB and NY Attorney Generation Sue RD Legal for Scamming 9/11 Heroes Out of Millions of Dollars in Compensation Funds