One of the great challenges I face working with reverse mortgages is educating the public how reverse mortgages work and how they may help them. While doing so, I find most seniors are skeptical, and often have misconceptions based on what they’ve heard, read or seen on TV. In the past year, I had the pleasure of helping many clients, [...]
Home Equity Conversion Mortgages (“HECMs”), usually called reverse mortgages, allow seniors to convert part of their home’s equity into cash, into a line of credit or both. Therefore, HECMs provide cash for immediate needs and access to additional funds, when required. The line of credit is one of the premiere features, because: • Available (unused) funds grow tax free at [...]
The FHA’s HECM for Purchase program is designed to help seniors purchase a new primary residence. It may double their purchasing power, minimize their down payment, and eliminates required monthly mortgage payments. Yes, a HECM (Home Equity Conversion Mortgage) is a reverse mortgage, but unlike their common uses (e.g. to refinance a home or make ends meet) a growing number [...]
By Debbie Hall, Director, Senior Financial Care Reverse Mortgages are becoming more popular in the United States as more Americans retire and decide to “age in place”, but you should be cautious before spending down the equity in your home. In fact, it never hurts to be cautious about any financial product someone is trying to sell you. Since for [...]
Homeowners Turn to Unique Financing Option For an increasingly large number of senior homeowners, reverse mortgages are an attractive financing option that affords them the opportunity to remain in their own homes and receive much-needed funds. A reverse mortgage is an exact replica of a traditional mortgage-in reverse. Instead of repaying a lender, homeowners utilize the equity they have built [...]