reverse mortgages

GPTKB entity

Statements (51)
Predicate Object
gptkbp:instanceOf gptkb:financial_services_company
gptkbp:alternativeTo home equity line of credit
home equity loan
gptkbp:canBe home equity
gptkbp:commonIn gptkb:Australia
gptkb:Canada
gptkb:United_States
gptkbp:counselingRequired yes (in US)
gptkbp:feature borrower retains home ownership
interest accrues on loan balance
loan balance increases over time
no monthly mortgage payments required
gptkbp:feesInclude mortgage insurance premium
origination fee
servicing fees
closing costs
gptkbp:firstCountry gptkb:United_States
https://www.w3.org/2000/01/rdf-schema#label reverse mortgages
gptkbp:introducedIn 1961
gptkbp:mainInterest fixed rate
variable rate
gptkbp:notableProgram gptkb:Home_Equity_Conversion_Mortgage_(HECM)
gptkbp:originatedIn lenders
gptkbp:payoutForm line of credit
monthly payments
lump sum
combination of methods
gptkbp:regulates gptkb:Consumer_Financial_Protection_Bureau
gptkb:Department_of_Housing_and_Urban_Development
gptkb:Federal_Housing_Administration
gptkb:government_agency
gptkb:National_Reverse_Mortgage_Lenders_Association
gptkbp:repaidUpon death of borrower
moving out of home
sale of home
gptkbp:requires primary residence
minimum age (usually 62 in US)
sufficient home equity
gptkbp:riskFactor foreclosure if taxes or insurance not paid
reduced home equity for heirs
gptkbp:targetAudience seniors
gptkbp:type gptkb:Home_Equity_Conversion_Mortgage
proprietary reverse mortgage
single-purpose reverse mortgage
gptkbp:usedBy homeowners
gptkbp:bfsParent gptkb:James_B._Nutter_&_Company
gptkb:Closing_Disclosure
gptkb:Fairway_Independent_Mortgage
gptkb:HUD-1_Settlement_Statement
gptkb:Mid_America_Mortgage,_Inc.
gptkbp:bfsLayer 7