WTH is a reverse mortgage?

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How to Find the Best Reverse Mortgage Lender | U.S. News – With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.

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FDIC Calls for Consideration of Junior Liens FHFA: Mortgage rates continue to climb According to that report, the average rate for 30-year fixed mortgages in Washington State and nationwide climbed to 4.65% during the week of September 20, 2018. Mortgage Rates Rise Four Weeks in a Row. Mortgage rates in Washington have been fairly stable over the last few months.The Federal Deposit Insurance Corporation on January 31 issued a Financial Institutions Letter with guidance for banks on estimation practices for their Allowance for Loan and Lease Losses (ALLL) on loans and lines of credit for junior liens on 1-to-4 family residential properties. The guidance also discusses the responsibilities of examiners in evaluating those estimation practices for loan.

Will my children be able to keep my home after I die if I have a reverse mortgage loan?. You live with a spouse or partner who is a co-borrower on the reverse mortgage with you, your co-borrower can continue to live in the home after you pass away. But if they die too, your loan must be paid.

A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.

Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.

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Reverse mortgages are known as a way to supplement a senior’s fixed income by tapping equity that has accrued in their home. But reverse mortgages also can be used to buy a new home.

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