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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 Finance Home Improvements With No Mortgage Payment

Finance Home Improvements With No Mortgage Payment

If you’re 62 or older, a HECM reverse mortgage is a fantastic tool for financing home improvements. It doesn’t require a monthly payment and you don’t have to pay the money back for as long as you live in the home. No other home loan program offers that. What kind of home improvements can you … Read more

Home > Reverse Mortgage 101

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