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Reverse Mortgage Guidelines

Details: Reverse Mortgage Guidelines. To help familiarize yourself with Home Equity Conversion Mortgages (HECMs), more commonly known as reverse mortgages, it’s best to understand the basics first, then speak with a mortgage professional to see if a reverse mortgage makes sense in your situation.

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Benefits of Reverse Mortgages

Details: Reverse mortgages can help homeowners convert a portion of their equity into an income stream without having to sell their property, give up title, or make monthly mortgage payments for the rest of their lives. Plus, the income earned with a reverse home mortgage is completely tax-free*. Call Toll Free to Learn More (855) 367-4326.

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Reverse Mortgage on Rental Property

Details: Reverse Mortgage on Rental Property Can I take out a reverse mortgage on a rental property? This is one of the most frequently asked questions regarding Home Equity Conversion Mortgages (HECMs), a.k.a reverse mortgages.It is also one of the most frequently misunderstood questions by both potential borrowers and even industry professionals.

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How Does Reverse Mortgage Repayment Work

Details: The reverse mortgage becomes payable when any of the above scenarios occur. Most often, borrowers or their heirs repay the loan by selling the home and paying the reverse mortgage in full. After the sale of the home, and the mortgage balance is repaid, the borrows or heirs keeps any remaining proceeds. In some cases, the loan balance may be

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What happens at a reverse mortgage closing

Details: To learn more about closing on a reverse mortgage loan, talk to an experienced reverse mortgage specialist serving your area. If you live in North Carolina, South Carolina, or Virginia call Alpha Mortgage’s Reverse Division at (855) 367-4326 for more information and a free consultation.

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Who owns the home in a reverse mortgage

Details: Reverse Mortgage vs Standard Mortgage. With an HECM, borrowers receive a mortgage that amortizes backwards, or in reverse (hence the name), providing them with money to use as they please. The money received by the homeowner is borrowed against the home’s equity, therefore, usually only homeowners with substantial equity are eligible for an HECM.

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About the Reverse Mortgage Bankers at Alpha Mortgage

Details: Alpha Mortgage Corporation is a full service mortgage banker with in-house processing, underwriting, closing and funding of your home. Formed in 1983, Alpha Mortgage has attained its growth and success through the introduction of a continuing series of innovative programs and services that have become standards in the mortgage lending industry.

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Mortgage Insurance Premiums on Reverse Mortgages

Details: In a reverse mortgage, the borrower is responsible for two mortgage insurance premiums (MIPs). The first MIP is paid by the borrower to the FHA upon closing. The amount of the first MIP is based on the amount of funds withdrawn during the initial year. If the borrower is going to withdraw 60% or less of the available reverse mortgage funds in

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Options for Heirs to Pay Off a Reverse Mortgage

Details: Options for Heirs to Pay Off a Reverse Mortgage. As more senior homeowners are turning to reverse mortgages, their adult children must face concerns about what will happen to that debt once their mom or dad pass away.Because there is so much misinformation about reverse mortgages out there, it can easily become overwhelming for children of reverse mortgage

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Reverse Mortgage and Foreclosure

Details: A reverse mortgage becomes due and payable when all clients on the loan no longer live in the home. If only one spouse’s name is on the mortgage, and that spouse dies, the surviving spouse will have to either sell the home to pay off the loan, or may have to pay the balance themselves in order to stay in the home.

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Reverse Mortgage Rules

Details: An FHA reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is designed for borrowers age 62 and older who either own their home or are very close to owning it with substantial equity. The home must also be their primary residence. These are the four key eligibility rules. Key Eligibility Rules for Reverse Mortgages:

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Can You Get a Reverse Mortgage on a Second Home

Details: Currently, the rule is that reverse mortgage loans must be used for primary residences only. However, the proceeds a borrower receives from the reverse loan can be used to help purchase a second home. Usually, if the homeowner does not live in a home for 12 consecutive months, the property is not considered the primary residence.

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HECM Pre-Application Worksheet

Details: Alpha Mortgage Corporation. NMLS# 93265. 1320 Airlie Road, Wilmington, North Carolina 28403 910-256-8999. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia (MC-4927), South Carolina (93265), and Florida (MLD1700).

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Down Payments for Homes with A Reverse Mortgage

Details: As for the down payment total, it is determined by the age of the borrowers. The older one is, the less they will have to put down. Here are a few other points to consider with an HECM for Purchase loan: Eligibility requires that the borrower is a minimum of 62 years of age. Before taking out an HECM, they should either have a sizeable amount

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What to Discuss with Your Reverse Mortgage Counselor

Details: So what should you and your reverse mortgage counselor discuss? There are a lot of important factors of a reverse mortgage that need to be taken into consideration. Below is a basic list of key discussion points that you and your housing counselor should cover. Call Toll Free to Learn More (855) 367-4326.

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Reverse Mortgage Programs, FHA HECM Reverse Mortgages

Details: FHA HECM Reverse Mortgage Programs. The HECM reverse mortgage program is backed by HUD (The U.S. Department of Housing and Urban Development) and insured by the FHA.To be eligible for a HECM, FHA states that you must be sixty-two years of age or older, and either own your home free-and-clear or have a low enough balance that the loan can be paid off with a …

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Who owns the property in a reverse mortgage

Details: ust like a traditional mortgage, the borrower owns the property and the mortgage is simply a lien on the property. Once the borrower either dies, sells the property, or moves, payment is due on the mortgage. Any equity belongs to the borrower and their heirs. Please keep in mind that the reverse mortgage industry in constantly changing and some

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Reverse Mortgages and Medicaid Eligibility

Details: A reverse mortgage works in the opposite way that a typical mortgage does. Instead of the homeowner making monthly payments toward the loan, the mortgage lender actually gives money to the borrower – either in a lump sum or in regular installments (or sometimes a combination of both).

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What are Some of the Risks of a Reverse Mortgage

Details: The highest concern for many reverse mortgage borrowers is the threat of foreclosure due to getting in over their heads with the loan obligations. With reverse mortgages, the homeowner is not responsible for making monthly payments – instead, they receive money, either in a lump sum or in regular payments. Despite the freedom from having to

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Reverse Mortages

Details: Reverse mortgage borrowers who struggle to make ends meet day-to-day may find it difficult to use their reverse mortgage proceeds to pay their living expenses as well as these financial obligations. It’s important to look at all revenue streams and consult with a financial advisor and/or tax professional to make sure that one will have the

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Reverse Mortgage Counseling

Details: Reverse Mortgage Counseling. The decision to take out a reverse mortgage is not one that should be taken lightly. There are many nuanced factors to take into account, and it is important to understand the full implications for the homeowner, surviving spouse in the case of married homeowners, and any heirs.

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Reverse Mortgage Age Requirements and Limits

Details: Reverse Mortgage Age Requirements. With a reverse mortgage, the homeowner does not make monthly mortgage payments. It can be a great option for people who have substantial equity in their homes and need extra money. Best of all, the loan does not have to be repaid until the homeowner no longer uses the home as their primary residence.

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Top Reasons People Take Out A Reverse Mortgage

Details: A reverse mortgage is a special type of home loan that, instead of requiring the homeowner to make payments to the lender, the loan is ‘reversed’ and the lender actually pays the borrower. The borrower can receive the money in a lump sum, a series of …

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Contact Alpha Mortgage's Reverse Division

Details: Contact Our Home Equity Conversion Mortgage Team. Thank you for your interest in Alpha Mortgage. If you have any questions about obtaining a new mortgage or need to check in on a loan in process, please contact us at the numbers below. We assist home buyers and homeowners throughout North Carolina, South Carolina, and Virginia.

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Should Financial Planners Recommend Reverse Mortgages

Details: A reverse mortgage can benefit certain senior homeowners because the nature of the program allows the borrower to receive money against their home’s equity, increasing their monthly income or boosting their nestegg, if they opt for a lump sum payment. Senior homeowners who anticipate living on a fixed income, medical care or nursing care may

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What are Reverse Mortgages and How Do They Work

Details: A Reverse mortgage is a highly regulated FHA insured loan regulated by HUD. This type of home financing enables senior homeowners to convert a portion of their properties’ equity into cash. The equity payment can be taken in a lump sum or can be broken into monthly payments or a combination of both.

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Repair Rider in a Reverse Mortgage

Details: Reverse mortgage borrowers with a repair rider will also have what’s called a repair set-aside. The set-aside is the portion of available reverse mortgage funds that are reserved specifically for the purpose of funding the home repairs.

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What is the Difference between an H4P Reverse Mortgage

Details: The difference with the H4P reverse mortgage loan is that the borrower is required to pay a 50 percent down payment and they receive the other 50 percent of the purchase price from the lender. An H4P reverse mortgage is designed to allow seniors to purchase a new home and obtain a reverse mortgage in a single transaction.

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Advantages and Disadvantages of Reverse Mortgages

Details: Advantages of Reverse Mortgages. There are three major advantages to choosing a Reverse Mortgage: #1. No mortgage payments required. Instead, the loan consists of payments that go to the homeowner, either in a lump sum, recurring monthly payments, a line of credit or a combination of these. #2. The loan doesn’t need to be paid off until the

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Reverse Mortgages and Medicaid

Details: A reverse mortgage works in the opposite way that a typical mortgage does. Instead of the homeowner making monthly payments toward the loan, the mortgage lender actually gives money to the borrower – either in a lump sum or in regular installments (or sometimes a combination of both).

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Can You Run Out of Money With a Reverse Mortgage

Details: Homeowners who opt for this type of mortgage can stay there in their homes as long as they live, or until they are ready to transition to an assisted living facility. Even more appealing is the fact that they can remain in their home without having the …

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Caregiver Loan vs Reverse Mortgage

Details: The biggest benefit of choosing a reverse mortgage over a caregiver/intra-family loan is that it keeps the family out of it, reducing the risk of stress and family arguments over money. With a reverse mortgage, the loan stays between the lender and the homeowner. Naturally, if the homeowners relatives just want to help the homeowner out by

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Reverse Mortgage Maximum Loan Amounts

Details: Reverse Mortgage Maximum Loan Amounts. Like many other mortgage types, a home equity conversion mortgage has a maximum amount that can be borrowed.HECMs, otherwise known as reverse mortgages, allow a borrower to receive money instead of having to pay monthly mortgage payments.

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Settling the Loan Account in a Reverse Mortgage

Details: Settling the Loan Account is a term used in the Reverse Mortgage process to describe the phase during which the Reverse Mortgage is paid off, or “settled.”. With a Reverse Mortgage, the homeowner does not have to make monthly mortgage payments to the lender. Instead, the lender issues payments to the homeowner.

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What happens to remaining equity in a reverse mortgage

Details: If they sell the property, any equity remaining will go to the borrower or their heirs. We recommend speaking with your financial advisor to understand how to best incorporate a reverse mortgage into your estate planning. Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this

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What is the maximum loan amount for reverse mortgages

Details: The maximum loan amount on a traditional HECM reverse mortgage was originally as low as $200,000. Then in 2009, Congress passed legislation that raised the limit to $625,500. At the time of this writing, the loan limit stands at $636,150. Call Toll Free to Learn More (855) 367-4326.

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Reverse Mortgage Jobs, Employment Opportunities

Details: The mortgage sales associate is generally an entry-level job where those interested in the mortgage industry can gain experience and knowledge to help them move up. These positions generally do not require any prior mortgage experience. Reverse Mortgage Field Advisor. Responsible for generating leads to present reverse mortgage opportunities.

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Reverse mortgages and surviving spouses

Details: Reverse Mortgages and Surviving Spouses. Before 2014, if a Reverse Mortgage borrower did not name his or her spouse on the loan documents, that spouse was at risk of losing their home due to the loan going into foreclosure. Now, thanks to a new rule, non-borrowing spouses on Reverse Mortgages are protected from facing that risk.

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Reverse Mortgage Facts and Questions

Details: Please note that the mortgage industry is constantly changing and some of the specific details found in the various pages may be different today from when the resources were written. For the most up-to-date information, please contact a Reverse Mortgage Specialist at Alpha Mortgage. Give us a call if you have any questions – (855) 367-4326.

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Refinancing a reverse mortgage, Can you refinance a

Details: Refinancing a reverse mortgage is possible but is important to weigh the benefits against the costs of originating another loan. A general rule of thumb is that the amount of money you will receive should be five times the amount of the cost to refinance the mortgage. Refinancing a reverse mortgage typically is only worth considering when a

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