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What types of loans are covered under the Military Lending Act?
What types of loans are covered under the Military Lending Act? Payday loans, overdraft lines of credit, and most installment loans are covered by the […]
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My lender or broker never provided me with the notice of a right to rescind...
My lender or broker never provided me with the notice of a right to rescind for a mortgage loan. What can I do? If you […]
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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 […]
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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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