What is a reverse mortgage?
Reverse Mortgages are often called Home Equity Conversion Mortgages, also known as HECMs (try saying that three times fast!). A HECM or hecm is the federally insured version of a Reverse Mortgage, overseen by the FHA division of HUD. These account for over 95% of Reverse Mortgages taken out these days.
How does it work?
Without going into too much detail (trust us, we'll do that later), in a reverse mortgage, the bank sends you monthly payments against the equity in your home or eliminates an existing mortgage and payment. No, it's not free money raining down from the sky; it's still a mortgage loan that you or your heirs must eventually pay back. However, the silver lining is that as long as you stay in your home, you don't have to pay the loan back. Not a bad idea if you plan living in your house for a long time, right?
Is a reverse mortgage right for me?
That's what we're here to answer: First, whether you qualify and, second, whether a reverse mortgage is right for your financial situation. Some basic reverse mortgage information includes things like you have to be at least 62 years old, and the home must be your primary residence. And, of course, you have to have the house paid off or have at least some home equity. Whether a reverse mortgage is right for you is a more complicated question, and has to do with your financial needs, your future plans and other factors. We cover all the bases at this website.
We'll walk you through the reverse mortgage process. We'll help you determine whether you qualify for a reverse mortgage. We'll identify the types of reverse mortgages there are, even one that you can use to purchase a new house. We'll tell you about the new HECM Saver program. We'll help you calculate the money you might receive. We'll help you find trusted lenders and specialists. And with our proven strategies and insider reverse mortgage information, we'll help you get quotes and negotiate the best deal possible.
Best of all, we'll be here to offer free information, coaching and advice throughout the process, so you'll never be making decisions in the dark. So bookmark this page or make it one of your favorites; from California across to Texas and on to Florida we're here for you.
Call us anytime for answers to your questions at (800) 801-13751
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