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Reverse Mortgage Facts, FAQ's and Fax (Updated)
There are many places to go to find out the facts on Reverse Mortgages. Websites sponsored by  HUD, NRMLA and AARP all give plenty of information.  I provide links to all of them on my blog. 
Facts:
The most popular reverse mortgage loan is the FHA HECM (Home Equity Conversion Mortgage).  The HECM comes in two flavors  FIXED & ADJUSTABLE. They also come in two sizes: STANDARD & SAVER Reverse mortgages may now be used to purchase a home. All borrowers must be at least 62 years old and on title to the home. The home must be the borrower's primary residence. There are no required monthly payments on a reverse mortgage. It is a negatively amortizing loan. The loan to value (LTV) amounts are based upon a combination of age, home value and expected interest rates. There are no prepayment penalties. MIP is financed both as an upfront cost and at 1.25% per annum accrued monthly.  (Just like traditional forward FHA loans). FAQ's: (Taken from HUD's website)
 1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up ... more

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