Fees, Costs, and Payments During the Life of a Reverse Mortgage

Loan fees are standard for reverse mortgages, as with any mortgage product. While a somewhat unique financial product, a reverse mortgage is still a loan that has a lender, borrower, repayment terms, and fees. Borrowers can anticipate paying several reverse mortgage costs and fees, including: an appraisal fee, repair fees, up-front mortgage insurance premiums, an [...]

Reverse Mortgages and the Housing and Economic Recovery Act of 2008

The Housing and Economic Recovery Act of 2008 was put in place to “strengthen and modernize the regulation of the housing government-sponsored enterprises and expands the housing mission of these GSE.” Although the bill was primarily created to address the sub-mortgage lending crisis, legislators included provisions to regulate the reverse mortgage industry and offer greater [...]

Consumer Safeguards for Reverse Mortgage Borrowers

There’s always a large concern for the safety of the elderly in business and lending situations. Scam artists often prey on older people in an attempt to defraud them of their money. In the case of reverse mortgages, the concern of exploiting the elderly can be of great concern to borrowers, their children, or their [...]

Basic Features of a Reverse Mortgage

A reverse equity mortgage can be an attractive option for some seniors, but this type of loan does come with a specific set of requirements and regulations. Any consumer considering using a reverse mortgage to unlock the equity in his or her home should carefully examine the terms of the mortgage before committing.
• Reverse mortgage [...]