| senior equity reverse mortgage - reversemortgagesforseniors |
Senior Citizen and Equity Reverse MortgageWhat makes a reverse mortgage attractive to seniors? Stock-market losses which decimated in many cases the retirement savings, so a reverse mortgage can supplement income or decrease monthly mortgage payments. Selling their home for a smaller/less expensive one is not option these days as the tough housing market has made it harder for seniors to sell their homes. More seniors qualify after Congress raised the maximum home value that can be borrowed against. That maximum is now $625,500. To qualify for a reverse mortgage, a senior must be at least 62 years old and have considerable equity in the home. Have all your reverse mortgage questions answered. Click here for the free guide (No obligations) Reverse mortgage program. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both. So reverse mortgage is also called reverse equity. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM. They will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your needs. So, if you want to know all about it and have all your reverse mortgage questions answered, then Click here for the free guide (No obligations)
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