Do I have to use an estate planning service or pay to find a reverse mortgage?
You do not have to pay an estate planning service or anyone else to find you a reverse mortgage. The Department of Housing and Urban Development (HUD) provides both a list of HUD-approved lenders on its website at no cost ...
Don Carlos Court, Pasadena, California. National Register of Historic Places, Wikimedia Commons
If I take out a reverse mortgage loan, does the bank own my home?
No. When you take out a reverse mortgage loan, the title to your home remains with you. You must continue to pay for repairs, property insurance, and taxes. When your move out, sell the home, or the last surviving borrower ...
Do I still need to pay my property taxes and home insurance with a reverse mortgage loan?
Reverse mortgage loans do not change your obligation to pay your homeowner’s insurance and taxes. If you don’t pay your insurance and taxes, or if the property condition deteriorates and you do not make necessary repairs, your loan becomes due. ...
When do I have to pay back a reverse mortgage loan?
A reverse mortgage loan becomes due when the last surviving borrower dies, sells the home, or permanently moves out of the home. Typically, a “permanent move” means that neither you nor any other co-borrower has lived in your home for ...
The CFPB has also published a reference guide for housing counselors and others who interact with consumers who are struggling with paying their mortgage. The CFPB wants to ensure that housing counselors and others understand the new federal protections so that borrowers can pursue all possible options to avoid losing their home to foreclosure. The CFPB is also offering training on the rules for housing counselors.
Print copies of the mortgage materials will be available to be ordered in seven languages: Spanish, Tagalog, traditional Chinese, Haitian Creole, French, Korean, and Vietnamese. English language materials can be found at http://www.consumerfinance.gov/mortgage/. The Bureau will continue to develop and produce materials to educate consumers about the new mortgage protections.
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
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