Who funds a reverse mortgage?

Answer A reverse mortgage, sometimes known as a lifetime mortgage, is a lump sum of money or monthly payments to seniors, based on the equity in their home. The homeowner does not pay back the "loan" unt... Read More »

Top Q&A For: Who funds a reverse mortgage

Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

Can you pay off a mortgage with a reverse mortgage?

A reverse mortgage is a type of loan, specifically for borrowers ages 62 and older, that allows a borrower to use the equity in her home to refinance a current mortgage or pull cash out for expense... Read More »

What are IC funds on a mortgage?

Inflation Coverage (IC) is an endorsement to a mortgage insurance policy that automatically adjusts the insurance protection for rises in home value due to inflation. Mortgage insurance is require ... Read More »

Is a reverse mortgage deductible?

A reverse mortgage does not have the same deductions under the U.S. Tax Code as a traditional mortgage. The Internal Revenue Service (IRS) does allow an interest deduction for reverse mortgage inte... Read More »