Federally insured reverse mortgage rules are getting a makeover.

Most reverse mortgage loans today are Home Equity Conversion Mortgages (HECMs), insured by the Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD). In addition to HECM loans, some lenders may offer proprietary reverse mortgage loans, which are not insured by the federal government and are typically designed for borrowers with.

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Private lenders offer reverse mortgages, but almost all reverse mortgages are federally insured by HECM. Seniors must be age 62 or older and own their own homes to qualify for a reverse mortgage. The cash can help seniors with living expenses, payment of an existing mortgage or other debts, etc.

The HECM loan includes several fees and charges, which includes: 1) mortgage insurance premiums (initial and annual) 2) third party charges 3) origination fee 4) interest and 5) servicing fees. The lender will discuss which fees and charges are mandatory. You will be charged an initial mortgage insurance premium (MIP) at closing.

Renovation financing through the 203k program allows the costs of needed repairs and improvements to be included in the FHA federally-insured loan amount instead of having the buyer come up with cash.

Reverse Mortgages: What Consumers and Lenders Should Know. The U.S. senior citizen population is growing. Between 1990 and 2000, the number of individuals at least 65 years of age increased from 31.2 million to nearly 35 million.

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A reverse mortgage offers a way to get at the equity in a home that might not. HECM is short for Home Equity Conversion Mortgage, the reverse. Standard reverse mortgage gets makeover, too.. Also, is it true that after march 31, 2013 the laws change and I would be getting less if I did not signed up.

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Reverse mortgages are complex, often confusing financial products. If you or an elderly relative are even considering one, it’s important to know all of the risks and pitfalls beforehand. With that in mind, we’ve created this list of facts to help you understand what can really happen if you take out one of these loans.