There are many banks that offer reverse mortgages, although most of the major national banks, such as Wells Fargo, Chase and Bank of America, do not offer them. A representative at one of these national banks may refer you to a loan originator outside the bank if you do inquire about a reverse mortgage at one of these institutions.
What is a reverse mortgage? A reverse mortgage is a mortgage product that allows senior homeowners (55+) to borrow up to 55% of the value of their home. A reverse mortgage is secured by the equity in your home and, unlike a home equity line of credit (HELOC), it does not require any income proof verification.
A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral.
Many mortgage brokers or Accredited Mortgage Professionals (AMP) will provide information and advice regarding reverse mortgage products. reverse mortgage providers partner with banks, credit unions, mortgage brokers, financial and investment advisors, and other financial professionals who are then compensated for providing client referrals.
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The Division of Banks approves reverse mortgage lenders. This includes an updated list of approved lenders and loan programs. Approved reverse mortgage lenders and loan programs | Mass.gov
Jumbo reverse mortgages are reverse mortgages that are structured and backed by private companies. (The HECM programs, by contrast, are structured and insured by the federal government.) Any broker licensed by the Federal Housing Administration (FHA) can offer the HECM and any broker licensed by the private company that structured a proprietary reverse mortgage can offer that product.
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.
Ask your lender what payment options they offer for a reverse mortgage and whether there are any restrictions or fees. You must first pay off and close any outstanding loans or lines of credit that are secured by your home, such as a mortgage or home equity line of credit. You could use the money you get from a reverse mortgage to do this.
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