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Reverse Mortgages
Reverse mortgage lenders Print E-mail
Reverse mortgage lenders are institutions or agencies which extend reverse mortgage loans to senior citizens. These agencies can be non profit or governmental. As per the law, any person who is above the age of 62 is eligible to apply for reverse mortgage. The purpose of the lenders is to facilitate the reverse mortgage process and extend credit to the senior citizens so that they can get a lump sum or a monthly payment against their property. The reverse mortgage lenders will vary depending on the type of reverse mortgage that is being availed. For example, in single purpose mortgage, the lenders will primarily be non profit or state or local government organizations. For federally insured mortgage, the lender would be the department of Housing and Urban Development. In the third case of proprietary reverse mortgages, the lenders are mostly private companies. The payment terms for reverse mortgage also vary. For example, the reverse mortgage lenders may do a onetime lump sum payment or regular monthly installment based payment. The amount of money to be paid is first determined by the reverse mortgage lenders and based on a value to loan ratio that is predetermined; they will extend the loan
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