Welcome, visitor! [ Login

Premium WordPress Themes - AppThemes

Listings for Reverse Mortgages Key Terms (24)


Loss mitigation

Loss mitigation The steps mortgage servicers take to work with a borrower to avoid foreclosure. Loss mitigation refers to a servicer’s responsibility to reduce or […]

270 total views, 0 today



Lender The financial institution that loaned money to the borrower.

261 total views, 0 today


HUD-Approved Housing Counseling Agency

HUD-Approved Housing Counseling Agency An organization with housing counselors who are approved by HUD. Borrowers taking out a HECM reverse mortgage loan must receive counseling […]

236 total views, 0 today


Homeowners insurance

Homeowners insurance Pays for losses and damage to the property if something unexpected happens, like a fire or burglary. Standard homeowners insurance doesn’t cover damage […]

271 total views, 0 today


Home Equity Conversion Mortgage (HECM)

Home Equity Conversion Mortgage (HECM) The most common type of reverse mortgage today. One way they differ from private reverse mortgages (sometimes called “proprietary” reverse […]

244 total views, 0 today


Good Faith Estimate

Good Faith Estimate What is a Good Faith Estimate (GFE)? A Good Faith Estimate, also called a GFE, is a form that a lender must […]

238 total views, 0 today



Foreclosure The process where the lender takes back property because the borrower no longer fulfills the obligations of the reverse mortgage loan. Foreclosure processes differ […]

253 total views, 0 today


Federal Housing Administration (FHA)

Federal Housing Administration (FHA) The federal agency that insures HECMs, the most common type of reverse mortgage loan. FHA is part of the U.S. Department […]

260 total views, 0 today



Equity The amount the property is currently worth, minus the amount owed on any existing mortgages on the property.

260 total views, 0 today


Eligible non-borrowing spouse

Eligible non-borrowing spouse A borrower’s spouse who is not a co-borrower, but qualifies under HUD’s rules to stay in the home after the borrower moves […]

264 total views, 0 today

Page 2 of 3 1 2 3