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Mortgage Professor about fha reverse mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Which Reverse Mortgage Plan Do I Choose?
April 8, 2003 ?I am 79. The counselor I saw in connection with my reverse mortgage told me that Fannie Mae?s Home Keeper product would provide me with more money than FHA?s Home Equity Conversion Mortgage, but that Home Keeper would cost me more. The decision was mine ... more... Borrower Protection on FHA Reverse Mortgages 2 May, 2005 "I fear that some elderly homeowners who take out FHA reverse mortgages will not receive all the payments to which they are entitled. FHA insurance protects the lender, not the borrower. When you consider that payments to the borrower must continue for ... more... |
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fha reverse mortgage related definitions |
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Reverse Mortgage
Reverse Mortgage, Reverse Annuity Mortgage, RAM A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home. A mortgage used by the elderly that provides income as a way of converting their home equity into a ... more... FHA Mortgage Insurance FHA Mortgage Insurance It is insurance from FHA to the lender against incurring a loss on account of the borrower's default. Paid if FHA loan LTV is higher than 80%. Also known as MIP - Mortage Insurance Premium. By insuring the loan the Federal Government agrees to repay ... more... |
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