what is a mortage

Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank or a savings and loan association), using his or her title to the house as security for the unpaid balance of the loan.

What is a Reverse Mortgage? A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) 1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. 2 After obtaining a reverse mortgage, borrowers must continue to pay property taxes and insurance and maintain the home.

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A mortgage is a type of loan that a bank or building society lends to you to help you buy a property. The amount of mortgage you need to borrow will depend on the amount you’ve saved up to put towards a deposit for a property, and the amount you still need to reach.

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down.

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A reverse mortgage is an increasingly attractive proposition for older Americans who may be low on cash, need to supplement retirement income, and want to use their home equity to remain in the house.

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac.

When you apply for a mortgage, underwriters will comb through your finances to determine if you’re a good candidate for a loan. This includes verifying a lot of personal information, including your income, assets, credit history, and employment.

second mortgage – a mortgage that is subordinate to a first mortgage chattel mortgage – a loan to buy some personal item; the item (or chattel) is security for the loan Verb

A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, S, who has a $70,000 mortgage on his home, sells his home to B for $100,000.