WTH is a reverse mortgage?

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Foreclosure sales drop to lowest level since 2007 U.S. new home sales hit one-and-a-half-year high on lower mortgages, prices – The median new house price dropped 9.7 percent to $302,700 in March from a year ago, the lowest. drop since 2010. In March, new home sales in the South, which accounts for the bulk of transactions,

Home equity conversion mortgages – also called reverse mortgages – give you cash for the equity in your home. There are no rules or restrictions on what you.

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Reverse Mortgage Basics Borrowers with jumbo reverse mortgages need to check with their lender to see if they are liable to repay any difference after the home is sold. Provide lender a deed in lieu of foreclosure. Many reverse mortgage borrowers die with reverse mortgage balances that are higher than the value of the home.

A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Funds available are distributed as a lump sum, line of credit or structured monthly payments. What it is: A loan against your home’s equity

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A reverse mortgage is a type of home equity loan that allows homeowners to borrow against the value of their homes. No repayment of the mortgage (principal or interest) is required until the borrower dies or the house is sold. reverse mortgages aren’t for everyone.

RealtyTrac reports foreclosure filings rise 3% in January RISMEDIA, February 10, 2011-RealtyTrac, a leading online marketplace for foreclosure properties released its U.S. Foreclosure Market Report for January 2011, which shows foreclosure filings.

By definition, a reverse mortgage – also known as a Home Equity Conversion Mortgage, or HECM – is a financial product for homeowners 62 and older that allows borrowers to convert a portion of the home’s equity into cash without incurring monthly payments.

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