11/10/2023 0 Comments Nrmla reverse mortgage calculator![]() ![]() ![]() We do not sell our subscriber email list to other parties. Be contacted about a mortgage at my phone number even if my phone number appears on a State or Nationalĭo Not Call Registry, or any other Do Not Contact List.ģ. Receive disclosures and communications about my loan inquiry in electronic form (I confirm that I haveĪ working computer system and internet website browser to view this webpage) andĢ. Next Step: Use our 2 minute calculator now to determine your eligibility for a reverse mortgage, select this link to begin.By clicking "Submit" I agree by electronic signature to:ġ. NRMLA requires that lenders adhere to a strict set of values that include fairness, confidentiality, integrity, competence, diligence and professionalism through rules such as: “NRMLA Members shall not, directly or indirectly, solicit or communicate with consumers through false or misleading or deceptive or unfair communications or advertisements or in any manner inconsistent with applicable law” and “NRMLA Members shall take reasonable steps (including implementing appropriate training and compliance procedures) to help assure that the privacy of and confidentiality of information obtained from and about consumers is respected, protected, honored and safeguarded, and shall do so in a manner consistent with applicable law” among many more.įor more information about reverse mortgage loans and which loan option might be right for you, please call 866 404.6138. To help ensure that you work with an experienced, legitimate and professional lender, choose an organization with a high Better Business Bureau rating and membership in the National Reverse Mortgage Lenders Association (NRMLA). The Federal Housing Administration (FHA) keeps an updated list of FHA-approved reverse mortgage lenders for your review. Visit for more information on Area Agencies on Aging. If you are planning to use your reverse mortgage loan proceeds for home repairs or improvements or need assistance paying your property taxes, contact your local Area Agency on Aging to see if you may qualify for a low cost single purpose loan in your area. Counselors and lenders will be able to explain the total annual loan cost (TALC) rates that show the estimated annual average cost of the loan. Clearly understand what requirements need to be followed to prevent the reverse mortgage loan from becoming due. Reverse Mortgage counselors and your Loan Officer will be able to assist you if you have questions. Decide what kind of reverse mortgage loan is best for you.Closing costs are set by third party vendors and servicing fees are set by the company servicing the loan. Mortgage Insurance Premiums (MIPs) are set by the FHA and are the same for all lenders however origination fees and interest rates may vary by lender. ![]() The Federal Trade Commission (FTC) recommends the following steps before choosing a reverse mortgage lender. Borrowers are also required to pay property taxes and insurance, any HOA fees and maintain the home according to Federal Housing Administration (FHA) guidelines.ĭeciding whether to obtain a reverse mortgage loan is a big decision, so choosing a reverse mortgage lender is an important part of the process. The home must be a single family home, a two to four unit home where the owner occupies one unit or an FHA approved condominium or manufactured home that meets FHA requirements. Additionally, the property must meet specific requirements. Borrowers cannot be delinquent on any federal debt and must live in the home full time as their primary residence. To be eligible for a reverse mortgage loan, the youngest borrower on title must be at least 62 years old and borrowers must either own their home outright or have sufficient equity in their home. ![]()
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