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The Home Equity Conversion Mortgage (commonly called a Reverse Mortgage) was designed by the Federal Government to provide financial aid for senior homeowners. It is regulated by HUD (the Department of Housing and Urban Development) and is insured by the FHA (the Federal Housing Administration). Seniors always retain title to their home and they receive all appreciation in the value of their home.
Reverse Mortgages allow qualified senior homeowners to turn their equity into cash that they can use for any purpose. Thousands of seniors are using this program to eliminate their current mortgage payment and provide a tax-free monthly income that they never need to pay back for as long as they live in the home. There are few qualifications and there are no income or credit requirements. Seniors who take out a Reverse Mortgage remain on the title and do not give up possession of their home at any time.
Whereas a regular mortgage leaves the homeowner owing monthly payments, a Reverse Mortgage allows the senior homeowner to receive monthly payments from their home's equity. A Reverse Mortgage is a much safer option than a conventional mortgage or home equity line of credit because the government guarantees the senior can live in the home for as long as they like with no obligation to repay the loan.
There is no out-of-pocket cost to the homeowner, and any repairs to the house are funded into the loan. Upon the death of the last remaining borrower, the home passes to their heirs and they have up to six months or more to either refinance and keep the house or sell and keep all the remaining equity.
Over 300,000 Senior Americans have achieved greater financial independence with this special program. Demand for Reverse Mortgages has reached an all-time high. For more information on Reverse Mortgages, please contact us.
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