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Which are the best reverse mortgage providers?
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1 Answers
There are quite a lot of options in the market to get a reverse mortgage for seniors, but the ones that have been rated as the best based on customer feedback and interest rates include the Liberty Home Equity Solutions, HomeBridge Financial Services, Reverse Mortgage Funding, Longbridge Financial, One Reverse Mortgage, Nationwide Equities, FBC Mor
What is a mortgage insurance premium?
Asked by unknown
1 Answers
Mortgage insurance premium (MIP), is an insurance policy used in FHA loans if your down payment is less than 20%. The FHA assesses either an "upfront" MIP (UFMIP) at the time of closing, or an annual MIP that is calculated every year and paid in 12 installments.
Who qualifies for a reverse mortgage loan?
Asked by unknown
1 Answers
A reverse mortgage for seniors is granted to those aged 62 years or above, and the property being used for the loan should be the applicant's primary place of residence. There should also be no or very low mortgage pending on the property and the senior should have the financial means to pay off any potential future housing costs. Other requirement