|
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
|
|
gptkbp:introducedIn
|
1961
|
|
gptkbp:mainInterest
|
fixed rate
variable rate
|
|
gptkbp:notableProgram
|
gptkb:Home_Equity_Conversion_Mortgage_(HECM)
|
|
gptkbp:originatedIn
|
lenders
|
|
gptkbp:payoutForm
|
gptkb: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:HUD-1_Settlement_Statement
gptkb:Mid_America_Mortgage,_Inc.
|
|
gptkbp:bfsLayer
|
7
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
reverse mortgages
|