Are all reverse mortgages the same?

Answer A Home Equity Conversion Mortgage, also called a reverse mortgage, allows seniors to borrow from the equity in their homes without payments. There are two different types of reverse mortgages, priv... Read More »

Top Q&A For: Are all reverse mortgages the same

Reverse Mortgages & Bankruptcy?

Reverse mortgages--a strategy that allows older people to tap into the equity of their homes--have advantages and disadvantages. These types of loans help people who are at least 62 years old acces... Read More »

How good are reverse mortgages?

On One Hand: They can help homeownersIf a homeowner age 62 or older and has a large amount of equity in his home, he can purchase a reverse mortgage. The reverse mortgage can pay off any existing d... Read More »

Are origination fees on reverse mortgages set by fha?

The origination fee associated with a reverse mortgage is set by the originating lender, which may or may not be FHA. However, if the borrower is purchasing a FHA reverse mortgage, the origination ... Read More »

When did reverse mortgages happen?

The initial reverse mortgage occurred in 1961 to a woman named Nellie Young. The mortgage was issued by Deering Savings and Loan, located in Maine. The Home Equity Conversion Mortgage (HECM) was ap... Read More »