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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Accordingly, it is critical that potential borrowers of reverse mortgages get adequate information and, preferably, counseling.
Lawmakers, consumer and interest group representatives talked about the issue during a hearing on reverse mortgages organized by the Senate Special Committee on Aging.
Be aware that scam artists charge thousands of dollars for information about reverse mortgages.
In addition to potentially higher costs, reverse mortgages also decrease a homeowner's equity, which can limit their options if they need to sell their home after taking out the loan.
Conventional wisdom on reverse mortgages or HECMs is that they are irresponsible, expensive or a last resort, and has made them unattractive to many retirees and their advisors.
Some possessors of reverse mortgages are sometimes still eligible for the mortgage-interest deduction on the borrower's taxes.
Some consumers found it difficult to understand from the ads that reverse mortgages are loans with fees and compounding interest; that the loans need to be repaid.
THE ABA HAS ENDORSED, through its Corporation for American Banking subsidiary, Reverse Mortgage Funding LLC's reverse mortgage program including its full offering of FHA-insured Home Equity Conversion Mortgage (HECM) products.
Most, but not all, reverse mortgages are federally insured and are backed by the U.
There have been changes to reverse mortgages recently.
US Mortgage Corporation has said that Bryan Fitzpatrick has joined the company to expand its Reverse Mortgage Division.
15 July 2014 - US-based Reverse Mortgage Investment Trust Inc (RMIT) has taken over local Reverse Mortgage Funding LLC, or RMF, the latter said without providing financial details.