Can I apply if I didn't buy my present house with FHA mortgage insurance? Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.A Instead of purchasing creditor insurance from the bank it is better to purchase private insurance from a licensed insurance agent. Creditor insurance has many restrictions and limitations. From a mortgage broker point of view, we are very concerned when your insurance is tied to your mortgage lender.

Q Well, would it not be easier to buy my insurance direct from the bank when I obtain my mortgage? A Instead of purchasing creditor insurance from the bank it is better to purchase private insurance from a licensed insurance agent. Creditor insurance has many restrictions and limitations. From a mortgage broker point of view, we are very concerned when your insurance is tied to your mortgage lender. What do you do if you want to switch to a more competitive lender at your next mortgage renewal? When you switch you will lose your creditor insurance.The purchase of flood insurance is mandatory for all Federal or federally-backed financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

Why does my mortgage lender require me to buy flood insurance? The purchase of flood insurance is mandatory for all Federal or federally-backed financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).We offer consumers to receive up to three FREE no-obligation quotes from our qualified service providers.

What is PMI? Can I get rid of the PMI on my loan? PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. This insurance protection is provided by private mortgage-insurance companies. It enables lenders to accept lower down payments than they would normally accept.PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. This insurance protection is provided by private mortgage-insurance companies.

Will I be required to buy flood insurance? You may be required by your lender to buy flood insurance if you have a Federally backed mortgage loan and the building is located in a high-risk flood area. And your lender may, at its own discretion, require that you buy flood insurance even if your building is outside the high-risk flood area. You may also be required to buy flood insurance as a condition of receiving Federal disaster assistance after Federally declared flood disaster.You may be required by your lender to buy flood insurance if you have a Federally backed mortgage loan and the building is located in a high-risk flood area. And your lender may, at its own discretion, require that you buy flood insurance even if your building is outside the high-risk flood area.

Why do I need to make this decision today? A: If you are a busy person, then THIS is right the right time to protect your family and their home. LIFE is what happens when you're making plans, so be prepared for the GOOD as well as the BAD. Once you spend the few minutes necessary to get the information and rates you want, you and your family can be protected. Q: I thought the my mortgage lender made me buy this insurance so I would qualify for the loan.A: If you are a busy person, then THIS is right the right time to protect your family and their home. LIFE is what happens when you're making plans, so be prepared for the GOOD as well as the BAD. Once you spend the few minutes necessary to get the information and rates you want, you and your family can be protected.