UnCategorized So the source of the money is the equity of the home. This means that the reverse mortgages are always taken against the value of the home. The credit information nor the amount of income have no meaning, they are not even asked. 1. What Are The Costs Of The Reverse Mortgages? The reverse mortgages are more expensive than the usual mortgage loans and the equity conversion loans. Th exact sums depend on the particular reverse mortgage program. The typical home equity conversion mortgage includes 2 % mortgage insurance, the origination fee of 2 % of the first 200.000 and after that 1 %, with an overall cap of $ 6.000, the title insurance, real estate appraisal from $ 300 to $ 400, the title, attorney and the county recording fees and usually the monthly service fee of $ 25 or $ 35 will be added monthly to the loan sum. 2. How Much A Borrower Can Get? The exact sum depends on some things, on the age of the borrower, on the appraised value of the home and on the interest rates. The most important thing is of course the appraised value of the home, because the loan is always taken against the equity of the home. We can say, that the older the borrower is, the higher the appraised home value and the lower the interest rates, the more a senior will get. The ceiling is $ 625.000. 3. Who Will Qualify? The idea is that as many seniors as possible will qualify and use this product, if they have the need. The key is the ownership of the permanent home and that there is equity left. If a senior has a traditional mortgage, he will first pay that away with the new reverse loan. All seniors, who own a home, are 62 or over and American will qualify. 4. How A Senior Can Use The Money? The money comes from the equity of the home, which is the guarantee of the loan together with the compulsory mortgage insurance. A lender will not ask an income information nor the credit score information. A senior will decide by himself, how he will use the money and there is no need to report to anybody about the usage targets. 5. Who Can Guide A Senior? The reverse loans are full of small details. The U.S.Government has organized the guidance through independent counselors. The counselor meeting is compulsory either through telephone or personal meeting. It is recommended that a senior prepares carefully before going to meet the counselor to be able to get the maximum benefit. About the Author: 相关的主题文章:

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