Finance of America Reverse
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Call Now Toll Free
(218) 282-4772
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Liberty Reverse Mortgage
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Call Now Toll Free
(866) 268-5369
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American Advisors Group
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Call Now Toll Free
(800) 485-9418
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Reverse Mortgage Answers
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Steven J. Sless Group
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Academy Mortgage Corporation
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All Reverse Mortgage Inc.
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Some people use reverse mortgages to pay for home improvements or repairs. Others use them to pay off property taxes, medical bills, or an existing mortgage so they can move to a new home.
Homeowners have many options when choosing a reverse mortgage, and what you plan to do with the funds should influence the type of reverse mortgage you choose. Think about how you intend to spend the money, how much you need and how you want to receive the funds.
Types of reverse mortgages in Baltimore include:
Reverse mortgages are designed for older people, so you must be at least 62 years old and:
To confirm that you can pay the expenses listed above, lenders verify your income, assets, living expenses and credit history. Lenders also check your payment history for real estate taxes, hazard insurance and flood insurance. Finally, because HECM loans are backed by the federal government, HECM applicants must also meet with a HUD-approved financial counselor.
Reverse mortgages can only be used for properties that meet certain requirements. Qualifying properties include:
All properties must meet FHA property standards and flood requirements, too.
There are several fund distribution schedules available for reverse mortgages:
Some options are more flexible than others, but that flexibility means you need to be extra diligent with your spending. When weighing your options, consider factors such as how long you plan to stay in the home, how you plan to spend the money and your spending habits.
How does a reverse mortgage work in Baltimore?
A reverse mortgage in Baltimore works by allowing homeowners to borrow against the equity they have built up in their homes. These loans do not require the borrowers to make any monthly payments. Instead, they are paid off when borrowers die or permanently move out of the home.
Can a reverse mortgage be refinanced in Baltimore?
Yes, you can refinance a reverse mortgage in Baltimore. If your home’s value has gone up or the interest rates have changed since you took out a reverse mortgage, contact a lender about refinancing.
Can heirs walk away from a reverse mortgage?
Your heirs are not responsible for your reverse mortgage, so they can walk away from it. However, your lender will then sell your home to repay the reverse mortgage. If your heirs would like to keep the home, they can choose to pay off the loan at no more than the appraised value.
How much money can I get with a reverse mortgage in Baltimore?
The amount of money you can get with a reverse mortgage in Baltimore depends on:
Accredited Partner | ||
Finance of America Reverse |
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Finance of America Reverse offers standard and jumbo reverse mortgages, including HECMs and HECMs for purchase. There are fees for the FHA mortgage insurance premium, an origination fee, servicing fees and closing costs. Apply online or call Finance of America Reverse to talk to a representative. |
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Learn More (218) 282-4772 |
Accredited Partner | ||
Liberty Reverse Mortgage |
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Liberty Reverse Mortgage offers HECMs, HECMs for purchase and its EquityIQ jumbo loan. Associated fees include an FHA upfront mortgage insurance premium, an origination fee, servicing fees and closing costs. Borrowers can complete an eligibility calculator online or call for more information. |
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Learn More (866) 268-5369 |
Accredited Partner | ||
American Advisors Group |
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American Advisors Group offers HECMs, HECMs for purchase, and refinancing and jumbo reverse mortgages. It does not offer financial counseling, but it can help you find a HUD-approved counselor. Related fees include an origination fee, FHA mortgage insurance, servicing fees and closing costs. Complete a pre-qualification calculator online or call for more information. |
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Learn More (800) 485-9418 |
Reverse Mortgage Answers |
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Reverse Mortgage Answers offers HECM loans. It does not offer financial counseling. Fees include an FHA mortgage insurance premium, an origination fee, servicing fees and closing costs. Borrowers can fill out an online form or call for more information. Reverse Mortgage Answers has an office at 614 Old Edmondson Ave., Ste. 200, Catonsville, MD 21228. |
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Steven J. Sless Group |
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Steven J. Sless Group offers HECMs and HECMs for purchase and proprietary reverse mortgages. It does not provide financial counseling. Costs include FHA mortgage insurance, an origination fee, servicing fees and closing costs. Borrowers can fill out an online interest form or call for more information. Steven J. Sless Group has an office at 10995 Owings Mills Blvd., Ste. 200, Owings Mills, MD 21117. |
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Academy Mortgage Corporation |
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Academy Mortgage Corporation offers HECMs. However, it does not offer financial counseling. Related expenses include an origination fee, servicing fees, an FHA mortgage insurance premium and closing costs. Borrowers can fill out an online interest form or call for more information. Academy Mortgage Corporation operates a local office at 11019 McCormick Road, Ste. 410, Hunt Valley, MD 21031. |
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All Reverse Mortgage Inc. |
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All Reverse Mortgage Inc. offers HECMs, but it does not offer financial counseling. Fees include an FHA mortgage insurance premium, an origination fee, servicing fees and closing costs. Fill out a form online for an instant quote or call for more information. |
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