{"id":19,"date":"2018-02-06T15:21:08","date_gmt":"2018-02-06T15:21:08","guid":{"rendered":"http:\/\/gpswp.com\/safunding2\/?page_id=19"},"modified":"2020-05-29T15:10:55","modified_gmt":"2020-05-29T15:10:55","slug":"faq","status":"publish","type":"page","link":"https:\/\/gpswp.com\/safunding2\/all-about-reverse-mortgages\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"
The Home Equity Conversion Mortgage (HECM) is the name for the FHA-insured* and government-regulated reverse mortgage program. (*It insures that payments due the consumer post-closing will be made if the lender fails to do so) It enables you to withdraw some of the equity in your home with no requirement of repayment for as long as you live in the home. The HECM is a safe plan that can give older Americans greater financial security. Many retirees use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301<\/a> or downloading their free booklet, “Use Your Home to Stay at Home<\/strong>,” a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!<\/p>\n The amount you may borrow will depend on:<\/p>\n You can borrow more with the HECM Standard option. Generally, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow. If there are multiple borrowers, youngest borrower’s age is used to determine the borrowed amount. For an estimate of HECM cash benefits Call Us!<\/u><\/strong><\/a> You may also select the online calculator from the HECM Home Page<\/u><\/a>. Many online reverse mortgage calculators can provide you with an estimate of the amount of funds you can borrow. We highly recommend getting a personalized quote for accurate numbers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n You can select from five payment plans:<\/p>\n Overview Of Reverse Mortgage loans The Home Equity Conversion Mortgage (HECM) is the name for the FHA-insured* and government-regulated reverse mortgage program. (*It insures that payments due the consumer post-closing will be made if the lender fails to do so) It enables you to withdraw some of the equity in your home with no requirement of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":9,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"\n
What is a Reverse Mortgage loan?
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Can I qualify for FHA\u2019s HECM Reverse Mortgage?
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Can I apply for a HECM, even if I did not buy my house with FHA Mortgage Insurance?
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What types of homes are eligible?
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What are the differences between a reverse mortgage and a home equity loan?
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Will we have an estate that we can leave to heirs?
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How much money can I get from my home?
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Is it required that I receive counseling before getting a reverse mortgage?
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How do I receive my payments?
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What costs are associated with a reverse mortgage?
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What are the FHA Mortgage Insurance Premium Charges?
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Do I get taxed on the money I receive from my reverse mortgage?
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Do I have to pay any fees to the reverse mortgage lender during the course of my loan?
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What if I change my mind and no longer want my loan after I go to closing? How do I do this?
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