reverse mortgage

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reverse mortgage:

see under mortgagemortgage,
in law, device for protecting a creditor by giving him an interest in property of his debtor. In common law a mortgage was a conditional sale; i.e., the mortgagor (debtor) sold realty (real property mortgage) or personal property (chattel mortgage), but if the debtor
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Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, or passes away.
George has a strong background in the reverse mortgage industry," said David Peskin, president, Reverse Mortgage Funding.
Bankers want a quality turnkey reverse mortgage solution offered by a company with unparalleled expertise and a strong reputation for supporting the needs of our industry," said Ken Burgess chairman of ABA's Endorsed Solutions Banker Advisory Council.
A reverse mortgage is a loan that a person age 62 or older, who owns their home outright or has paid down a considerable amount of debt on the home, may take out from a bank using the equity that they have accrued in their home as collateral.
Other factors that had detracted from reverse mortgage proposals in the past included a nationwide decline in home equity that could result in a higher mortgage insurance premium to cover the lender's loss.
In 1990, the average age of a reverse mortgage borrower was nearly 77; in 2010, it stood at 73, according to statistics from the U.
Wells Fargo will continue to service the loans of existing (HECM) reverse mortgage customers,' said Franklin Codel, executive vice president, head of National Consumer Lending, 'We will continue to provide options for seniors who wish to determine ways to access the equity in their homes,' he added.
With a reverse mortgage, you get a payment every month, and the mortgage balance goes up.
A reverse mortgage is much the same as a forward mortgage but just in reverse," explained Tom Walker, president of Members Trust.
Because loan policies provide insurance to reverse lenders that their valid mortgages are in first lien priority, title companies must make sure that the various reverse mortgage requirements relating to title are met.
For seniors with financing needs above the new lending limit, the industry has hope that a jumbo reverse mortgage market will re-emerge, albeit likely remaining of interest to only a handful of mortgage companies.
A reverse mortgage allows a homeowner age 62 or older to obtain money by accessing the equity available in their home tax-free and with no requirement that it be paid back until the borrower dies or chooses to sell the home.