WHAT IS A REVERSE MORTGAGE?
Reverse mortgages are being talked about more and more as a large portion of our population reaches the qualifying age of 62. The Federal Housing Administration (FHA) created the first and most common reverse mortgage called the Home Equity Conversion Mortgage or HECM.
The HECM is a federally insured loan that enables a senior homeowner to withdraw a portion of the home's available equity. The HECM can be used to purchase a home as well.
The HECM is a financial option that can be used to help seniors maintain homeownership and independence.
HELPFUL INFORMATION TO GET YOU STARTED
IN ORDER TO START THE HECM (REVERSE MORTGAGE) PROCESS, YOU MUST ATTEND A COUNSELING SESSION TO LEARN ABOUT:
- Financial implications
- Borrower obligations and responsibilities
- Costs of obtaining the loan
- Loan terms
- Repayment conditions
TO BE ELIGIBLE FOR A HECM (REVERSE MORTGAGE), YOU MUST:
- Be 62 years of age or older
- Use your home as your primary residence
- Not have delinquencies on any federal debt or be excluded from participating in FHA programs
- Must complete a HECM counseling session and receive a HECM Certificate
CALL US TO CONNECT WITH A LOCAL REVERSE MORTGAGE COUNSELOR!!