All About Reverse Mortgages: Real Estates Tips and Information

About: Single Purpose Reverse Mortgages: Provided by state and local governmental agencies and non-profits.

Reverse Mortgage

Federally Insured Reverse Mortgages: Reverse Mortgages HUD (Home Equity Conversion Mortgage or HECM) is a special type of mortgage allowing the borrower to withdraw equity from their home and convert it into cash. HECM borrowers do not have to repay their HECM loan until the borrowers no longer use the home as their principal residence or if they fail to meet the obligations of the mortgage. Additionally, HECM’s can be used to purchase primary residences if the borrower is able to use cash in hand to pay the difference in the HECM amount and sales price (in addition to closing fees).

HECM’s FAQs

Proprietary Reverse Mortgages: Privately offered loans backed up by individual companies.

HECM Alternatives

 

Reverse Mortgage

 

Recent Updates: On April 26th, an amendment was made to the FHA’s Home Equity Conversation Mortgage program. Tomorrow, a conference call will be made in regards to the changes. The primary intent of the amendment is to clarify the requirements of the due and payable status in the instance of a Non-Borrowing Spouse following the death of the last mortgagor. More Details

Comment balloon 1 commentJenifer Lower • December 04 2014 11:34AM

Comments

Usually, a reverse mortgage is the type of home loan, which are designed especially for senior homeowners who are having age above 62. So, when going for this type of home loan, it is important to know its merits and demerits to avoid the upcoming financial or legal issues.

Posted by cresta sam (www.457visamortgages.com) about 4 years ago

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