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Fixed term reverse mortgage |
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Fixed term reverse mortgageA mortgage in which the lending institution provides payments to a homeowner for a fixed number of years.Fixed term reverse mortgage Similar MatchesPension mortgagePension mortgageA type of interest-only mortgage where your mortgage payments are combined with payments into your personal pension fund. This is designed to mature on your retirement, so the mortgage loan term must end between the ages of 50 and 75 unless the borrower is in an industry where the Inland Revenue permits earlier retirement. The pension also needs to provide you with an income during retirement, so only twenty five percent of the pension fund can be taken as a lump sum to pay of your mortgage. MIG Mortgage Indemnity GuaranteeMIG Mortgage Indemnity GuaranteeThis is insurance for the lender paid by the consumer in a one-off payment, on 'high' LTV mortgages. This protects the lender in the event that you default on the loan and the sale of the property is not enough to repay the amount that they are owed. Some lenders will insist you pay this if your mortgage is for as low as 75% of the value of the property, but 90% is a more common level. Some lenders will not insist on it regardless of the loan value. You can often add this fee to the loan, but be aware that you will then be paying interest on it until the loan is repaid in full. Direct Reduction MortgageDirect Reduction MortgageAn amortized mortgage. One on which principal and interest payments are paid at the same time (usually monthly) with interest being computed on the remaining balance. Stripped mortgage backed securities (SMBS)Stripped mortgage backed securities (SMBS)Securities that redistribute the cash flows from the underlying generic MBS collateral into the principal and interest components of the MBS to enhance their attractiveness to different groups of investors. Gnma (government National Mortgage Association) OptionsGnma (government National Mortgage Association) OptionsA method of purchasing GNMA securities through "puts" and calls." A GNMA Call Option is the right to buy GNMA securities at a specific yield for a specified time, A Put Option is the right to sell GNMA securities at a specific yield for a specified time. The buyer pays for the option and may exercise it, not exercise it, or sell it. Further SuggestionsCouncil of Mortgage LendersMortgage broker Equitable Mortgage Mortgage pool Euro mortgage first mortgage Portable mortgage adjustable rate mortgage Private Mortgage Insurance graduated payment mortgage shared appreciation mortgage Mortgage Banker base rate tracker mortgage Standing mortgage Package mortgage mortgage Cooperative mortgages Mortgage Broker Blanket Mortgage Joint mortgage Second Mortgage Guarantee mortgage Secondary Mortgage Market Real Estate Mortgage Investment Conduit (REMIC) Alternative mortgage instruments |
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