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Table of Contents
1.0 Introduction to Reverse Mortgage 4
2.0 Basic Loan Features 4
3.0 Reverse Mortgage Products 9
3.1 Home Equity Conversion Mortgage (HECM) 9
3.2 Fannie Mae Home Keeper 10
3.3 Cash Account 10
3.4 CHIP Reverse Mortgage for Seniors 12
4.0 The Reverse Mortgage Workflow – Customers Perspective 14
4.1 AWARENESS 14
4.2 COUNSELING 14
4.3 APPLICATION / DISCLOSURE 14
4.4 PROCESSING 14
4.5 UNDERWRITING 14
4.6 CLOSING 15
4.7 DISBURSEMENT 15
4.8 REPAYMENT 15
5.0 Typical Costs in Getting a Reverse Mortgage 15
5.1 Origination Fee 16
5.2 Mortgage Insurance Premium 16
5.3 Appraisal Fee 16
5.4 Closing Costs 17
5.5 Servicing Set-Aside 17
6.0 References 18
7.0 Appendix 18

1.0 Introduction to Reverse Mortgage
Traditionally there were two main ways to get cash from a home –
• Sell the house, which meant moving from there;
• Borrow against the home, which meant one would have to make monthly loan repayments.
A ‘Reverse Mortgage' is a mechanism by......

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Approximate Word Count: 5693
Approximate Pages: 23 (250 words per double-spaced page)

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