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Listings for Reverse Mortgages Key Terms (24)

 

Servicer

Servicer The company that handles the day-to-day management of the loan including making monthly payments to borrowers or processing draws from the line of credit, […]

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Reverse mortgage

What is a reverse mortgage? A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan […]

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Proprietary Reverse Mortgage

Proprietary Reverse Mortgage’ Reverse mortgage loans that are not insured by the federal government and are typically designed for borrowers with higher home values than […]

23 total views, 1 today

 

Property charges

Property charges Obligations the borrower must pay including property taxes and homeowners insurance, and when applicable, flood insurance premiums, ground rents, condominium fees, planned unit […]

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Principal residence

Principal residence The property where the borrower, and if applicable, the non-borrowing spouse, maintain their permanent home and where they typically spend the majority of […]

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Principal limit

Principal limit The amount of money the borrower can borrow with a reverse mortgage loan. The principal limit for a HECM is calculated using the […]

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Origination Fees

Origination Fees A one-time upfront fee that the lender charges the borrower for making the loan. These fees are limited by the maximum claim amount […]

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Non-Borrowing Spouse

Non-Borrowing Spouse A borrower’s spouse who is not a co-borrower on the reverse mortgage loan.

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Mortgage Insurance Premium

Mortgage Insurance Premium An initial and annual amount charged by the lender and paid to the Federal Housing Administration (FHA). Mortgage insurance is required in […]

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Maximum Claim Amount

Maximum Claim Amount The lesser of the appraised value of the home, the sale price of the home being purchased, or the maximum limit HUD […]

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