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  • AtricleZine - Reverse Mortgage Information

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    pically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers

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    A reverse mortgage is a home loan that provides cash or income for a homeowner 62 or older. There are no monthly payments and the cash is tax free. The cash can be taken as a monthly benefit, a lump sum, a credit line or combination. It is called a reverse mortgage because the lender makes payments (or gives a lump sum) to the borrower. The loan is repaid with interest when the homeowner, or a spouse that is on the loan, no longer lives in the home. It is not necessary to have a good credit rating to qualify.

    Reverse mortgages are regulated by the U.S. department of Housing and Urban development. Depending on the customer’s age and current interest rates, a percentage of the homes value can be loaned. This is generally 30% to 75% of the homes value. The program requires an independent counselor to review the program with the customer. There is no charge for this service and it is to make sure the homeowner understands the program and other possible options.

    It is possible to get a reverse mortgage even if you currently have a regular mortgage if you qualify for enough to pay off the current loan. It typically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers a

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    er makes payments (or gives a lump sum) to the borrower. The loan is repaid with interest when the homeowner, or a spouse that is on the loan, no longer lives in the home. It is not necessary to have a good credit rating to qualify.

    Reverse mortgages are regulated by the U.S. department of Housing and Urban development. Depending on the customer’s age and current interest rates, a percentage of the homes value can be loaned. This is generally 30% to 75% of the homes value. The program requires an independent counselor to review the program with the customer. There is no charge for this service and it is to make sure the homeowner understands the program and other possible options.

    It is possible to get a reverse mortgage even if you currently have a regular mortgage if you qualify for enough to pay off the current loan. It typically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers

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    department of Housing and Urban development. Depending on the customer’s age and current interest rates, a percentage of the homes value can be loaned. This is generally 30% to 75% of the homes value. The program requires an independent counselor to review the program with the customer. There is no charge for this service and it is to make sure the homeowner understands the program and other possible options.

    It is possible to get a reverse mortgage even if you currently have a regular mortgage if you qualify for enough to pay off the current loan. It typically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers

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    mer. There is no charge for this service and it is to make sure the homeowner understands the program and other possible options.

    It is possible to get a reverse mortgage even if you currently have a regular mortgage if you qualify for enough to pay off the current loan. It typically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers

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    pically takes about 6 weeks to close a reverse mortgage. Closing costs include the loan origination fess, appraisal, FHA insurance, and other fees similar to a conventional loan. Typically only the appraisal is paid out of pocket. Other costs are paid at closing.

    AARP offers additional free information at 1-800-209-8085, toll-free.

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