what kind of mortgages are there

Reverse Mortgages | Consumer Information – There are three kinds of reverse mortgages: single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits; proprietary reverse mortgages – private loans; and federally-insured reverse mortgages, also known as Home equity conversion mortgages (hecms).

What Kind of Mortgage Should I Get? – The New York Times – How to figure out which kind of mortgage is right for you and how long you'll. There is usually a cap on how much the rate can adjust upward.

What Types of Mortgage Loan Modifications Are There. – Mortgage loan modifications help homeowners stay in their homes by restructuring existing mortgages to reduce monthly payments. Although mortgage modification loans are valuable to borrowers, lenders benefit from them as well. Foreclosure is a costly process and lenders can lose money on homes whose market value has declined below the loan value.

Mortgage lenders tightened their fists after the recession, but it's still possible for young buyers to get approved for a mortgage. What you need.

When deciding on a loan type, one of the main factors to consider is the type of interest rate you are comfortable with: fixed or adjustable. Here’s a look at each of these loan types, with pros and cons to consider. fixed-rate mortgages. This is the traditional workhorse mortgage.

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Types of Reverse Mortgages – Types of Reverse Mortgages Home Equity Conversion Mortgage HECM (pronounced HEKUM) is the commonly used acronym for a Home Equity Conversion Mortgage, a reverse mortgage created by and regulated by the U.S. Department of Housing and Urban Development.

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Different Types of VA Loans | VA Loans For Vets – Different Types of VA Loans VA Purchase Loans Fixed Rate Mortgage Adjustable Rate Mortgage (ARM) VA Jumbo Loan VA Refinance loans refinance loan streamline refinance loan Fixed Rate VA Loan: The interest rate is fixed for the life of the loan (whether interest rates go up or down).

Are there different types of reverse mortgages? – These non-hecm reverse mortgages are not federally insured. Some lenders also offer proprietary reverse mortgages, which are not federally insured. These are typically designed for borrowers with higher home values. Ask your reverse mortgage counselor to help you compare options.

If You Get 10/10 On This Mortgage Quiz, You’re Probably Ready To Buy A Home – "Not all mortgages require that large of a down payment.” There are lots of different types of mortgages, and what a particular homebuyer qualifies for depends on their income, savings, credit history.