REVERSE MORTGAGES FOR SENIOR CITIZENS
In recent years senior citizens with equity in the homes have been utilizing reversed mortgages at an increased rate. Reverse mortgages are great for senior citizens as they allow for the conversion of home equity into cash without the requirement of a monthly payment.
Home Equity Conversion Mortgages (HECM) are the only reverse mortgages that are insured by the Federal Government of the United States. HECMs cannot be obtained everywhere as they are available from an FHA approved lenders only Borrower must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms.
HECMs and Other Reverse Mortgage Loans
These are fantastic loans that can serve you well in your retirement years. This loan product requires special attention on both sides of the broker/borrower relationship. Most of the time we prefer to work on these in a face to face situation due to the nature of the loan product.