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Why is Reverse Mortgage Upfront Mortgage Insurance Charged?

Reverse Mortgage Upfront Mortgage Insurance

The reverse mortgage upfront mortgage insurance premium (UFMIP) is a key part of what makes a reverse mortgage workable and safe for borrowers, lenders, and FHA.  Nobody likes to pay closing costs to get a home loan, but they’re a necessary part of a mortgage transaction. The key is to make sure that you’re benefitting … Read more

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How to Supplement Retirement Income With a HECM Reverse Mortgage

How to Supplement Retirement Income With a Reverse Mortgage

If you’re a homeowner 62 or older, a HECM reverse mortgage can be a great way to supplement your retirement income. You can get tax-free monthly paychecks from your home’s equity for a set period of time or for the rest of your life, depending on your financial goals.  The original concept that led to today’s HECM reverse … Read more