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 […]
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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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