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Senior Reverse Mortgage

Introduction to Senior Reverse Mortgages
Senior Reverse Mortgage loans or Home Equity Conversion Mortgage (HECM) loans are a special type of loan used to access the equity in elder (age 62+) homeowner homes, allowing them to cash in on the equity in their homes without giving up ownership of the property. The tax-free income generated from the equity, in the form of a loan, is then made available to the senior as a lump sum, fixed monthly payments, a line of credit, or a combination of these payment options.

History of Senior Reverse Mortgages
The Government Agency HUD first became involved in reverse mortgages in 1985. Congress passed HUD/FHA reverse mortgage legislation in 1986 and it received President Ronald Reagan's signature. The first Government backed FHA reverse mortgage was made in 1989. The government passed the new Housing and Recovery Act in July 2008 which appointed a new division to help prevent seniors from being scammed by unscrupulous lenders.

Government Guarantees on Reverse Mortgages
Government Guarantees and involvement in the program make the federally insured reverse mortgage today much less risky than in years past and allows senior homeowners to live comfortably in their own homes.

How many Reverse Mortgages are taken out each year
Today Reverse Mortgages are more popular than ever. Over 95% of reverse mortgages taken out these days are HECMs backed by the US Government Agency HUD. The number of reverse mortgages taken out in the US last year was over 100,000.

Why get a Reverse Mortgage
We find every senior has different reasons why they are interested in getting a reverse mortgage or HECM loan. A list of some of the most common include:

• Downsizing
• Moving Closer to the Children/Grandchildren/Other Family and Friends
• Buying a retirement home and wanting to keep some cash from the sale of the existing home
• Not being able to qualify income or credit wise with a conventional forward loan.
• Eliminate the Mortgage payment, Retire
• Get a monthly payment, Get Cash out
• Medical expenses
• Pay bills
• Make needed Home Repairs, Renovations
• Take Vacation
• Help Family Members
• Stay in their Home

Reverse Mortgage Benefits
Reverse mortgages are beneficial because all loan payments are deferred as long as the property remains the borrower’s primary residence. There is no obligation to repay the loan until the owner passes, the home is sold, or the owner otherwise vacates the property (for example, to move into a nursing home).

Age Qualify for a Reverse Mortgage
You must must be 62 or older before you get a reverse mortgage. Please click the following link for more information on qualifying Reverse Mortgage Qualifying Information (Click Here)

Reverse Mortgage Spouse Issues
If you are 62 but your spouse is not you may have a difficult decision to make. A younger spouse will have to be taken off title to the property for the loan to close. to find out more folow this link Spouse Under 62 Options (Click here)

Pros & Cons of Senior Reverse Mortgages
For an explanation of reverse mortgage pros and cons please click the following link Senior Reverse Mortgage Pros and Cons (Click Here)

New Reverse Mortgage Programs
For an explanation of the new HECM Saver reverse mortgage program that is avalable to seniors please click the following link New HECM Saver Program Information (Click Here)

How much money can I get from a Reverse Mortgage
The amount of senior reverse mortgage money that is available depends on several factors including the age of the youngest borrower, the reverse mortgage program selected, the current interest rates, the appraised value of the home and the FHA lending limits. Generally older borrowers will get more money. Use our Calculators (click here).

TIP! Learn all about Reverse Mortgages - Step by Step Learn About Reverse Mortgages (Click Here)

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