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See also: Mortgage Mortgagee Mortify Mortification Mortified Mortality Mortal Mortar Mortgagor Mort Morty Mortificar Mortifier Mortals Mortem Mortise Mortuary Mortician

1. These Mortgages allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills

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2. Read more information about reverse Mortgages

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3. Types of reverse Mortgages include:

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4. Mortgages come in a variety of forms

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5. The most common types are 30-year and 15-year fixed-rate Mortgages

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6. Some Mortgages can have terms as …

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7. Fixed-rate Mortgages (no cash out refinances), primary residences only

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8. Mortgages come with interest, which can be charged at either a fixed or adjustable rate

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9. Fixed-rate Mortgages lock in the interest rate you qualify for so it never changes over the life of your loan.

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10. However, monthly payments are higher on 15-year Mortgages than 30-year ones, so it can be more of a stretch for the household budget, especially for first-time homebuyers.

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11. Mortgages 30–89 days delinquent The 30-89 mortgage delinquency rate is a measure of early stage delinquencies and can be an early indicator of the mortgage market's overall health

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12. How do Mortgages work? Mortgages are a type of loan used to buy a property

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13. All VA Mortgages are backed by the US Department of Veterans Affairs and are available to qualified vets

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14. Jumbo Mortgages are larger than the U.S

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15. Fixed-rate Mortgages have a fixed interest rate for the life of the loan

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16. The secondary mortgage market is made up of companies that buy Mortgages from lenders

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17. Many people choose a mortgage that can be sold because the interest rate is typically lower on these Mortgages

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18. Thankfully, most reverse Mortgages are insured by the Federal Housing Administration, which means if you or your family sells the home to pay off the loan, you won't have to pay the difference – if there is one – between the sale price and the mortgage, as long as the sale is for at least 95% of the current appraised value.

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19. The interest rate paid for variable rate Mortgages is determined by the lender, which means the interest rate and payments can go up or down

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20. For fixed rate Mortgages, the rate is set at an agreed amount, for a set period of time and only changes at the end of the initial agreement.

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21. Mortgages are secured by the house you're borrowing money to buy, so the house serves as collateral

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22. Variable-rate Mortgages Learn more about variable-rate Mortgages

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23. Fixed-rate Mortgages offer simplicity and stability

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24. All Mortgages have a maximum LTV – that is a maximum percentage of borrowing in relation to the house value

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25. The whole of market MSE mortgage best buys tool allows you to find the cheapest rates & fees for fixed, variable and more Mortgages.

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26. Reverse Mortgages under the HECM program have features that are unique when compared to traditional Mortgages, like the non-recourse …

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27. Mortgages are also referred to as “mortgage loans.” Mortgages are a way to buy a home without having all the cash upfront

Mortgages, Mortgage

28. Fixed Rate Mortgages The Credit Union offers fixed rate Mortgages to purchase or refinance primary residences, second homes and rental properties for members who reside in and for properties located in North Carolina, South Carolina, Virginia, Georgia or Tennessee unless …

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29. Personal lending products and residential Mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria

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30. Applies to new Mortgages of owner-occupied properties with an amortization of 25 years or less

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31. Most reverse Mortgages are issued through government-insured programs that have strict rules and lending standards

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32. There are also private, or proprietary, reverse Mortgages, which are …

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Dictionary

MORTGAGES [ˈmôrɡij]

NOUN

  • a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
  • a loan obtained through the conveyance of property as security.
Synonyms: credit . advance . overdraft . debenture . lending . moneylending . advancing .

VERB

  • convey (a property) to a creditor as security on a loan.
  • expose to future risk or constraint for the sake of immediate advantage.
Synonyms: guarantee . pawn . gage . plight .

Frequently Asked Questions

What is a mortgage and how does it work?

A mortgage is a loan from a bank, online lender or mortgage lender that allows you to purchase a home. The home you purchase with a mortgage loan serves as collateral for the money you borrow.

What is the literal meaning of mortgage?

Definition of mortgage in English: mortgage. noun. 1A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

What does the name mortgage mean?

MORTGAGE Meaning: "a conveyance of property on condition as security for a loan or agreement," from Old French morgage... See definitions of mortgage. Advertisement

What is a mortgage exactly?

A mortgage is a specific loan designed to allow you to purchase a property . However, instead of giving you the entire amount you need to borrow at once, you're given some flexibility. The lender - the company that gives you the mortgage - lets you pay it back over a long period of time.

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