Some Important Reverse Mortgage Definitions
- The estimated market value as established by a HUD certified appraiser.
- The maximum lending limit set by HUD - based on the geographis location of the property.
- The maximum amount of the HUD lending limit the applicant is qualified for based upon their age and projected interest rate.
Service Set Aside
- The amount of the Principal Limit that is left in the house as equity to be drawn upon monthly (at $30 to $35 per) to pay for the monthly service fee's that HUD has established for all reverse mortgages - this is not paid to the lending bank.
- The fee that is charged to compensate the bank and the field force for assisting a senior to obtain a reverse mortgage.
Mortgage Insurance Premium
- The fee that is charged by HUD to insure the loan against default and to assure it is a Non-Recourse Loan.
Free Reverse Mortgage Quote and Analysis
Reverse Mortgage Nation will provide you with a no-cost, no-obligation, Free Reverse Mortgage quote. We will only need basic information about you and your property and will be able to offer an instant estimate and analysis regarding a Reverse Mortgage.
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