Interest Rate: This is the detail of the interest rate on your reverse mortgage during the statement. period. In the sample statement, the interest for the month of September was calculated using 3.83%, and the mortgage insurance premium was calculated using 1.25%.
One may compare a reverse mortgage with a conventional mortgage, whereby the homeowner makes a monthly payment to the lender and after each payment the homeowner’s equity increases by the amount of the principal included in the payment. Regulators and academics have given mixed commentary on the reverse mortgage market.
First up on your statement will be information about your mortgage servicer. This is the company that sends your mortgage statement (or coupon book) and handles the payments. The company’s name, address and phone number are displayed here. Use this contact information if you have any questions about your mortgage.
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How Does a Reverse Mortgage Work. A reverse mortgage is a loan made by a lender to a homeowner using the home as security or collateral. With a traditional mortgage, the homeowner uses their income to pay down the debt over time.
standard requirements apply for reverse mortgage loans. This Manual covers the standard requirements for servicing reverse mortgage loans for one- to four-unit properties owned or securitized by Fannie Mae. On behalf of Fannie Mae, servicers are servicing two reverse mortgage loan products: conventional Home KeeperTM mortgage loans and FHA HECM.
Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
How to Read a reverse mortgage statement. Near this amount, you should also see the total amount still available to you. Find the current annual percentage rate. This is the current interest rate being charged to your mortgage for any money you received from the reverse mortgage. This interest gets added to your mortgage loan balance every month.
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