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  • I would like to have a reverse mortgage for economic security only just in case we run low on reserves ( this is a smart plan - also the reverse mortgage can act as a hedge against falling home prices - we have many clients who take out the reverse mortgage saver credit line option - so they can tap into the equity as they need it and are charged on the outstanding loan ) can the origination amount be paid so as not to accrue interest until such time as actually needed? yes you can pay towards the mortgage so there wont be any interest accruing on the back end this is also a smart idea also to offset the reverse mortgage is home appreciation - so for the net 5-10 years with a fixed HECM this shouldn't be a concern

  • Login to rate this answer:   Answered on 9/28/2011
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  • >.Where can one get an actual copy of a reverse mortgage contract to examine?

    From any Reverse Mortgage Originator. They can provide you with a copy of the Notes for the first and second liens, and both Deeds of Trust.

    >>Once a reverse mortgage has been issued can the origination amount be paid so as not to accrue interest until such time as actually needed?

    Yes, all the fees can be down down. If you get the Credit Line option (with the variable interest rate program), you can pay it back and reaccess the Credit Line. If you get the fixed interest rate program, you can pay it back, reducing the amount of interest you'll pay on a monthly basis, but won't be able to access it again.

  • Login to rate this answer:   Answered on 8/4/2012
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  • I am a Senior advisor and assist several law firsm working with senior. I am also a reverse mortgage originator and educate other professionals on how and when this financial tool should be used. I am 64 and have been in banking and financial services most of my adult life. oberan1949@gmail.com

  • Login to rate this answer:   Answered on 10/25/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.