Reverse Mortgage Funding expands payment options on proprietary reverse product

Of all the lenders currently offering proprietary reverse mortgages, Finance of America Reverse stands out for a number of reasons.For starters, its proprietary loan, the HomeSafe reverse mortgage, is more a suite of tools than a single, one-size-fits-all type of loan.

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Finance of America Reverse is a direct lender focused solely on reverse mortgages. Founded in 2003, FAR operates in 43 states and is based in Oklahoma. This company offers a proprietary reverse mortgage plan which doesn’t require FHA approval, as well as standard single-purpose and veteran variants, which are backed by the FHA and VA.

Are Reverse Mortgages a Good or Bad Idea / Legal / Taxable / Only for Seniors / Safe? Loans (2012) Snapshot of reverse mortgage complaints December 2011 – december 2014. 2 The line of credit and monthly payment options may be combined. Id. 3.. proprietary reverse mortgages vary by state. CFPB, 2012 CFPB Report To Congress on Reverse

Jumbo reverse mortgages, often called proprietary reverse mortgages, differ from a regular reverse mortgage in that they are for loan amounts that exceed the conforming limits set by the Federal housing finance agency, and therefore cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

As the FHA’s reverse mortgage product continues to see its volume decline, some lenders – like New York-based Quontic Bank – are setting their sights on non-agency proprietary reverse.

The Private Option . There is another alternative to the standard reverse mortgage that in many instances better meets the needs and goals of older homeowners – the private reverse mortgage. This is a private loan, usually from a family member, to the homeowner secured by a mortgage on the senior’s home.

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And, if you do decide a reverse mortgage is right for you, be sure to make prudent use of your loan. What is a Reverse Mortgage? Older homeowners who want to tap the equity in their homes typically have three options. They can sell their house and downsize, take out a home equity loan or consider a reverse mortgage.

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