J.R. Whelan
speaker
21,375 appearances
574 recordings
1 series
first heard Oct 2017
last heard Aug 2024
J.R. Whelan’s voice in public audio — every appearance, attributed to the second.
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Appearances
homeowners need to go through the additional charges carefully.
The CFPB says, for example, there are upfront origination fees that could be as much as $6,000, plus closing costs and an initial mortgage insurance premium.
Then, during the life of the reverse mortgage, there's an annual mortgage insurance premium, which is half of 1% of the outstanding mortgage balance.
That's on top of homeowners insurance and property taxes the homeowner was paying before taking on the reverse mortgage.
While this is an option some older homeowners consider to help them stay in their house, beware.
Much like many other services involving money, the reverse mortgage market has its share of fraudsters.
If you're looking at a reverse mortgage but you're worried about how it'll affect your finances, Deborah says you can reach out for help.
The most common type of reverse mortgage is for homeowners who are 62 and older, so younger homeowners likely won't qualify.
Another important note is that if the homeowner dies while the reverse mortgage is being paid back, the loan is due, and the home doesn't automatically get passed down to heirs.
The CFPB says upon the homeowner's death, heirs have 30 days from receiving the due and payable notice from the lender to buy, sell, or turn the home over to the lender to satisfy the debt.
For younger people or those who decide that a reverse mortgage isn't a fit, Deborah echoes what Noelle Melton from NeighborWorks said earlier.
You have options.
That's it for your Money Briefing and our special series on finding a home and keeping it.
This series was produced by Ariana Asparu.
I'm your host, J.R.
Whelan.
Sound design by Jessica Fenton.
Jessica and Michael LaValle wrote our theme music.
Jonathan Sanders is our booking producer.
Our supervising producer is Melanie Roy.
Showing 81–100 of 21,375 · page 5 of 1069
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