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These individuals have earned the CRMP designation demonstrating knowledge and competency in the area of reverse mortgage lending.

Actived: Sunday Nov 29, 2020

URL: https://www.reversemortgage.org/

4. Application/Fees/Disclosures - Reverse Mortgage

Details: Mortgage Insurance Premium. The Mortgage Insurance Premium (MIP) is a fee paid by the borrower to the Federal Housing Administration (FHA), an agency of the federal government, to provide certain protections for both the lender and the borrower in a HECM reverse mortgage.

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Home - Reverse Mortgage

Details: These individuals have earned the CRMP designation demonstrating knowledge and competency in the area of reverse mortgage lending.

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Things to Look Out For - Reverse Mortgage

Details: The one additional fee is the Mortgage Insurance Premium, which is paid to the government mortgage insurance fund to protect you in the event the loan balance grows larger than the value of your home. Advertising is misleading

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Types of Reverse Mortgages - Reverse Mortgage

Details: The insurance purchased by this fee protects the borrower (1) if and when the lender is not able to make a payment; and (2) if the value of the home upon selling is not enough to cover the loan balance. In the latter case, the government insurance fund pays off the remaining balance.

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What You Need to Know About Your HECM After Closing

Details: insurance agents or insurance companies, you should notify your Servicer. If you should find that you are unable to obtain coverage, or unable to pay your insurance premiums as they come due, contact your Servicer. If you sustain any type of damage to your property you should: • Contact your insurance company right away to file a claim; and,

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Reverse Mortgage FAQs - Reverse Mortgage

Details: Mortgage Insurance Premiums. Q: Why is there a Mortgage Insurance Premium with my HECM reverse mortgage? A: Under the HECM program, you will be charged a Mortgage Insurance Premium (MIP) at closing that equals two (2) percent of the home’s appraised value or FHA lending limit ($765,600), whichever number is less.

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What Do I Do When My Loan is Due? - Reverse Mortgage

Details: Fails to pay property taxes, insurance premiums, condofees, and other “mandatory obligations,” and all options to bring the loan current have been exhausted; or Fails to maintain the home and allows it to fall into disrepair

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What You Need to Know About Your HECM After Closing

Details: The National Reverse Mortgage Lenders Association created, “What You Need to Know About Your HECM After Closing” to answer questions reverse mortgage loan borrowers, and their heirs, may have about their FHA-insured Home Equity Conversion Mortgage, commonly referred to as a reverse mortgage loan. This free guide explains the important role of the Loan Servicer and the rules, guidelines

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Borrower Requirements and Responsibilities - Reverse Mortgage

Details: Taxes and Insurance: Borrowers must remain current on real estate taxes, homeowners insurance, and other mandatory obligations, including condominium fees. Property Condition: Borrowers are responsible for completing mandatory repairs and maintaining the condition of the property.

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HECM for Purchase - Reverse Mortgage

Details: The flexible repayment feature makes it easier for a buyer to afford the home they really want, preserve more savings and retirement assets, and improve cash flow. As with any mortgage, the borrower must keepcurrent with property-related taxes, insurance and maintenance as part of their ongoing loan obligations.

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9. Settling the Loan Account - Reverse Mortgage

Details: Future payments stop at death, but interest, mortgage insurance premium and homeowner’s insurance continue to accrue until the loan is settled. Your heirs will work closely with the Servicer to ensure the loan is paid in full in a timely manner. While payment is due immediately, the heirs have six months to satisfy the debt.

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What Do I Do When My Loan is Due? - Reverse Mortgage

Details: fees, such as mortgage insurance. Interest, mortgage insurance premiums and homeowner’s insurance will continue to accrue until the loan is paid and settled. This means your loan balance will continue to grow during the settlement period. PLEASE BE AWARE: You must contact the Servicer to request these 90-day extensions and they may

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What Is a Reverse Mortgage? - Reverse Mortgage

Details: The borrower must remain current on property taxes, homeowners insurance and homeowners association dues (if applicable). Free Consumer Guides. Find the answers in 3 guides from the National Reverse Mortgage Lenders Association. 25 Ways to Use a HECM.

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Cautions - Reverse Mortgage

Details: A reverse mortgage holder is responsible for staying current on their real estate taxes and homeowner’s insurance. If you go into arrears, you take the risk of being forced into default; If you go into arrears, you take the risk of being forced into default;

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Reverse Mortgage Calculator - Reverse Mortgage

Details: The rates and fees shown are not the actual rates you might be offered by any particular lender, but generally represent rates that may be available in the market today, with the maximum origination fee allowable under HUD rules reflected for illustrative purposes only, along with an estimated FHA Mortgage Insurance Premium for a loan based

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If You Find Yourself in Arrears - Reverse Mortgage

Details: If you find you cannot stay current on your property tax and homeowner insurance payments, you must do the following: Don’t panic! Take action! Foreclosure is not good for anyone, you, the bank, the government. Everyone wants to take every possible step to avoid it.

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Financial Planning Challenges Facing Older Americans

Details: This article addresses how CPAs can help individuals plan for long-term senior care, discussing the available options such as long-term care insurance (LTCI) and partnership plans, some of the new “hybrid policies” that combine life insurance and long-term care benefits, accelerated benefits riders for life insurance policies, life and

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6. Closing - Reverse Mortgage

Details: Your closing agent will pay off all existing liens, verify taxes are paid and make sure that you have a current homeowner’s insurance policy. Before closing on a reverse mortgage, you may consider seeking the advice of a tax professional or elder law attorney in the event you are faced with a situation that can affect your taxes, Medicaid or

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2. Upfront Education - Reverse Mortgage

Details: The insurance purchased by this fee protects the borrower (1) if and when the lender is not able to make a payment; and (2) if the value of the home upon selling is not enough to cover the loan balance. In the latter case, the FHA will pay off the remaining balance. Currently, HECMs make up the vast majority of reverse mortgages offered in America.

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3. Counseling - Reverse Mortgage

Details: A counselor will: Explain a reverse mortgage to you; Explain the various reverse mortgage product options; Explain the costs; Utilize a Financial Interview Tool (FIT) to help you determine if you can afford a reverse mortgage and meet your financial obligations, such as paying your taxes and insurance;

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Features of Reverse Mortgages - Reverse Mortgage

Details: The lender subtracts what the borrower pays for taxes and insurance, debt obligations and other living expenses from the borrower’s income and assets. The resulting “residual income” is the amount of money left over each month. This figure is compared to a government threshold amount (based on region and family size) that determines

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Glossary of Terms - Reverse Mortgage

Details: Title Insurance: A type of insurance policy that protects a homeowner or lender against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. The cost for the policy is typically paid at closing by the borrower.

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25 Ways to Use a HECM - Reverse Mortgage

Details: Pay for health insurance during early retirement years until Medicare eligible at 65. Pay your Medicare Part B and Part D costs. Combine life tenure payments with Social Security and income generated by assets to replace your salary and maintain your monthly routine of paying bills from new income.

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Advice for Children of Seniors - Reverse Mortgage

Details: Taxes and Insurance: Your parents are required to remain current on their real estate taxes, home insurance, and, if applicable, condo fees or they are susceptible to default. Property Condition: Your parents are responsible for completing mandatory repairs and maintaining the condition of their property.

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Social Security Benefits Lose 30 Percent of Buying Power

Details: The average annual cost of homeowners insurance across the U.S. has increased from $508 in 2000 to $1,389.90 this year — or 174 percent; and; The average cost of heating oil has increased from $1.15 a gallon in 2000 to $3.12 now, an increase of 172 percent. In 2019, beneficiaries received a modest three percent COLA, but only 1.6 percent in 2020.

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Retirees, Make the Most of Your Home Equity - Reverse Mortgage

Details: For instance, the money can be used for some laudable goals: to pay off higher-priced credit card debt, remodel a home with features to help you age in place, delay taking Social Security until you qualify for the maximum payout, buy long-term care insurance or pay the tax bill for a Roth conversion.

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What is Home Equity? - Reverse Mortgage

Details: The Federal Housing Administration (FHA), a mortgage insurance entity within HUD, the U.S. Department of Housing and Urban Development, insures a financial product called a Home Equity Conversion Mortgage (HECM) that is only available to homeowners 62 and older. In popular parlance, it is known as a HECM reverse mortgage and more than a million

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8. Life of Loan Issues - Reverse Mortgage

Details: A reverse mortgage borrower is responsible for staying current on property taxes, homeowner’s insurance and homeowners association dues (if applicable). These are commonly referred to as “mandatory obligations.” You can pay them yourself or establish a set-aside account and have the Servicer pay them for you.

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Checklist of Key Considerations - Reverse Mortgage

Details: Will you be able to pay your property taxes, insurance, and homeowner fees? Do you understand what will happen if you cannot pay your taxes, insurance, or homeowner fees? Do you understand your personal finances will be reviewed? 3. If you are married, will your spouse be a co-borrower on your loan?

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What is a Financial Assessment? - Reverse Mortgage

Details: Lenders must conduct “financial assessments” of every reverse mortgage borrower to ensure that person has enough money to pay ongoing costs, such as property taxes and homeowners insurance, over the life of the loan. Lenders examine the borrower’s sources of income, such as Social Security, pensions and investments.

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A Checklist of Key Considerations - Reverse Mortgage

Details: Will you be able to pay your property taxes, insurance, and homeowner fees? Do you understand what will happen if you cannot pay your taxes, insurance, or homeowner fees? Do you understand your personal finances will be reviewed? 3. If you are married, will your spouse be a co-borrower on your loan?

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Medicare Advantage (Medicare Part C) - Reverse Mortgage

Details: Medicare Advantage (Part C), a privately offered alternative to Original Medicare (Parts A and B), has grown in popularity over the years.In 1999, 18% of Medicare enrollees chose a Medicare Advantage plan rather than Original Medicare. By 2018, 34% of Medicare enrollees were using Medicare Advantage.

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A Counseling Session Observed - Reverse Mortgage

Details: Provide warnings about potential reverse mortgage/insurance fraud schemes and elder abuse. Dorothy first verifies the information she has about Anna’s circumstances and needs. Between her social security, earnings on her savings and an average of $600 per month in earnings from her design work, Anna brings in just about $3200 per month, pre

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Can you pass this quiz on retirement finance? - Reverse

Details: Life Insurance – Expect questions on topics typically related to life insurance such as annuities, cash-value life insurance, and death benefits, as well as the related tax ramifications. (Given the backing of New York Life, this shouldn’t be a surprise.) Post navigation.

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A Closing - Reverse Mortgage

Details: One piece of mail I tell borrowers to look for is the welcome packet from the loan servicer. I advise them to read everything in the welcome packet so they understand the servicer’s role and are clear about their contractual obligations, which include paying annual property taxes and keeping the homeowner’s insurance policy current.

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Reverse Mortgage Self-Evaluation

Details: taxes and insurance premiums over the course of the loan. The “set aside” reduces the amount of loan proceeds available to the borrower. A borrower may also elect to set aside a certain amount of funds to pay for property taxes and insurance premiums over the course of the loan. Once a “set aside” is established, it cannot be

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Pledge to Borrowers - Reverse Mortgage

Details: The mission of the National Reverse Mortgage Lenders Association is to educate you about reverse mortgages and to help you determine if one might be the right choice for you. We know your home is a prized possession of you and your family. We are sensitive to the fact that utilizing your home equity while you remain in the home is a major financial and emotional decision.

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Reverse Mortgage News - Reverse Mortgage

Details: With people living longer than ever, financial fitness is as important as physical health. TODAY financial editor Jean Chatzky explains strategies for handling expenses for your parents later in life, including reverse mortgages and long-term insurance. Read more… “Can a Reverse Mortgage Stabilize a Wobbly Retirement-Income Stool?”

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How to save money on health care in retirement - Reverse

Details: From Medicare premiums to prescription drug costs, health care expenses can eat up a huge chunk of your retirement savings. Thankfully, there are steps you can take to lower your health care costs in retirement. Here are a few ways to save money when you're limited to a fixed income.

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Mutual of Omaha Mortgage - Reverse Mortgage

Details: Mutual of Omaha Mortgage is committed to building a world-class organization dedicated to its customers and employees.

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NRMLA Code of Ethics & Professional - Reverse Mortgage

Details: NRMLA Members directly or indirectly offering or providing goods or services to consumers (including, for example, insurance or investment products) in conjunction with or that are related to their reverse mortgage lending activities for such consumers, shall do so only in a manner consistent with applicable law and under terms and conditions

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A Happy Condo Owner with a Proprietary Reverse Mortgage

Details: Being in the title business for 35 years, attaining her insurance license and then becoming a realtor, Daneen, a planner by nature, is acutely aware of the advantages provided by reverse mortgages. “A lot of people are apprehensive because they don’t understand, but it’s a great product for people with equity in their home.

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Erasing Healthcare Debt - Reverse Mortgage

Details: After Samuel was diagnosed with cancer, it soon became apparent they lacked adequate health insurance. Within a short time, the couple owed almost $30,000. For two people living on Social Security, and paying a mortgage, it was becoming too much. “My husband had been ill for a long time and things were not going well at all,“ she says.

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Fear Proves Unfounded - Reverse Mortgage

Details: But the government insurance was the key. At one point during the meeting, Cameron’s mother addressed the decision head on. As Cameron describes it, his mom was “afraid that they were going to come after her for hundreds of thousands of dollars.” DeMarkey and Cameron tried to explain the concept of mortgage insurance to her.

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Common Misperceptions - Reverse Mortgage

Details: The one additional fee is the Mortgage Insurance Premium, which is paid to the government mortgage insurance fund to protect you in the event the loan balance grows larger than the value of your home. Advertising is misleading

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Loan to Avoid Foreclosure - Reverse Mortgage

Details: She got a reverse mortgage in August 2008. The home appraised for $350,000. She qualified for a large enough reverse mortgage to pay off the pre-existing mortgage, which amounted to roughly $257,000. She then established a line of credit to pay taxes, bills, health insurance, and other expenses.

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I Can Sleep at Night Again - Reverse Mortgage

Details: Steve is living on a combination of social security and unemployment insurance right now. Even at 75, he’s still thinking about looking for a new job. It’s what he’s used to. But each major decision seems less stressful with the reverse mortgage proceeds sitting there for them.

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What Is A Reverse Mortgage - Reverse Mortgage

Details: The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your tax and insurance payments.

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Reverse Mortgage Helps Couple Through Health Issues and

Details: The reverse mortgage proceeds also helped out with unforeseen situations. “In 2016, a storm left an inch of water in the house, even though it was above the thousand-year flood line,” Priscilla explains. They had flood insurance, but funds from the reverse mortgage helped with the renovation and replacing some of the damaged items.

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Borrow with Confidence - Reverse Mortgage

Details: NRMLA Members must adhere to a strict Code of Ethics & Professional Responsibility that requires the highest ethical treatment of reverse mortgage customers before, during, and after they receive their loans. To make borrowers totally aware of these guidelines, NRMLA is proud to kick off a public education campaign, entitled Borrow with Confidence.

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