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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 […]

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Lender

Lender The financial institution that loaned money to the borrower.

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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 […]

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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 […]

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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 […]

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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 […]

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Foreclosure

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 […]

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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 […]

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Equity

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

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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 […]

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