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 »

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 »

What are the pro's and con's of a reverse mortgage?

Well, hope you are sitting down......First, ALL borrowers (usually the husband and wife - ALL parties on title) must be 62 or older. If the parents put the son (Johnny) on title, they need to have... Read More »

What is reverse mortgage?

A reverse mortgage is a type of mortgage that allows home owners age 62 and older to use the built-up equity in their home to pay off their current mortgage debt or create additional needed income ... Read More »