PDF Understanding Your Reverse Mortgage Servicing Booklet – There are several payment plans available for your FHA HECM reverse mortgage. Your FHA Reverse Mortgage is also referred to as a "Home Equity Conversion Mortgage" (HECM). The plan you currently have is the one you selected prior to the closing of your loan. The following is a brief description of the different plan types:
How To Read Statement Description – SPS Corporate Website – This section shows the beginning balance and the ending balance during the statement period for each of the categories shown. It also shows the date and amount of the payment we r
How to Read Your Mortgage Statement – Financial Web – The mortgage statement you get from your lender will provide you with valuable information about the condition of your loan. Looking at the statement will quickly show you how much you’ve paid on the balance of the loan, how much you’ve spent in interest, and how much you will need to get into escrow before the property taxes are due.
1. No Monthly Mortgage Payments. A reverse mortgage allows eligible borrowers to live for life in their home with no monthly mortgage payments. The loan balance is repaid when you permanently vacate the home (when you sell the home or if you leave the home for care including for 12 months or more).
Read your mortgage statement each month, watching for issues such as overdue or delinquent payments, or late charges mistakenly applied. Contact your lender immediately to dispute any errors. A mortgage statement can include other important information, depending on your circumstances.
Reverse Mortgages | Consumer Information – Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
Reverse Mortgage FAQ – Reverse.org – reverse mortgage faqs. Is it expensive? When does the loan have to be paid back? Why are there no monthly mortgage payments? Are there limits on how I can use the money?
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Reverse Mortgage > Getting Started – Real Stories from Real People "For me, the reverse mortgage made a lot of sense from a financial planning standpoint.” Read Steve’s Story
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