Home Equity Conversion Mortgages for Seniors. Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.
A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
Seven states have already made progress towards advancing Work and Save plans this year – and giving their residents a way to retire with confidence. Maryland: A week ago, Gov Martin O’Malley signed.
The Home Equity Conversion Mortgage (HECM) is a reverse mortgage plan that is designed for homeowners that are 62 or older. You’ll apply and get this loan, and it is put on the senior’s home as a lien.
Try these online mortgage calculators for free and manage all your loan payments smartly. All the mortgage payment calculators in this section are fast in computations. Mortgage: It is a type of loan which is sanctioned based on property or real estate as collateral. These loans are secured with real estate or personal property.
Maintained by the National Reverse Mortgage Lenders Association, provides information on the reverse mortgage process. Also includes a consumer guide, borrower profiles, lender locator, and reverse mortgage calculator.
However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
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A reverse mortgage can be a big relief offering them greater financial independence and more breathing room to enjoy their lives. But what if you’re facing foreclosure? If you have equity in your home but have fallen behind in your payments, a reverse mortgage could actually save the day and help you stay in your home after all.
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