Frequently Asked Questions
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The reverse mortgage loan process can seem overwhelming at first glance. Here at Mid-Continent Funding, Inc., we have highlighted many of the popular questions asked about reverse mortgages. We offer you the basic information you need to know to get started.
What is a reverse mortgage?
What is a Home Equity Conversion Mortgage?
A Home Equity Conversion Mortgage (HECM) is the type of reverse mortgage that is federally insured. This federal insurance provides protection for you by the Federal Housing Administration. If you choose monthly disbursements or a line of credit from the reverse mortgage, this insurance makes certain that funds are available. In the event that the reverse mortgage balance exceeds the value of the home, the federal insurance will cover the difference between what is owed and the value of the home.
What is a reverse mortgage calculator?
How does a reverse mortgage calculator work?
Are there restrictions on how the money from a reverse mortgage can be used?
Are my government benefits affected by the money I receive from a reverse mortgage?
Can a reverse mortgage calculator determine my eligibility status?
The purpose of a reverse mortgage calculator is to give you an idea of how much money you could receive from a reverse mortgage. In order to be eligible for a reverse mortgage, you must own the home in which you live and all people on title must be at least 62 years of age. A reverse mortgage does not have the same rigid credit and income qualifications as a traditional mortgage, because it is understood that a person is either increasing available funds or decreasing their obligations.
Are there any property restrictions on reverse mortgages?
What is a FHA reverse mortgage for purchase?
The federally-insured reverse mortgage for purchase program was first introduced in October 2008. This program allows a prospective homeowner to put forth a larger than normal down payment in lieu of monthly mortgage payments on the property.
Can I refinance my existing reverse mortgage?
What is required of me once obtaining a reverse mortgage?
Does a reverse mortgage require any special processing?
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Not for use by New York borrowers.