HECM Reverse Mortgages

Reverse Mortgage Fact Sheet

noreply@blogger.com (HECM Reverse Mortgages) — Mon, 16 Apr 2012 20:18:00 +0000

A Great Visual to Help You Better Understand the HECM Reverse Mortgage Process.
Visit http://www.hecmreversemortgages.com/ to learn more about HECM Reverse Mortgages

Brought to you by ReverseMortgage.net

Is A Reverse Mortgage Right For You?

noreply@blogger.com (HECM Reverse Mortgages) — Fri, 23 Mar 2012 19:20:00 +0000

The answer to this complicated question depends on a few different factors. Though many may say that a Reverse Mortgage may be an expensive way to borrow, it is proven that this option is the best for aging seniors.

A reverse mortgage is a loan, available to people age 62 and older, paid to you either in installments or a lump sum, for which you use your home as collateral. It is important to learn about the pros and cons of reverse mortgages before you make any decisions.

A reverse mortgage may be the right choice if most of your wealth is tied up in your house — meaning you are cash poor and asset rich.

The following link can help you understand reverse mortgages and decide whether one makes sense for you. http://hecmreversemortgages.com/about_hecm.html

Have Equity But Not Cash?

noreply@blogger.com (HECM Reverse Mortgages) — Tue, 06 Mar 2012 20:17:00 +0000

How Can I Use My Equity To Stay in My Home?

For many years, homeowners have asked themselves, "how can I use my equity to stay in my home?"
In the case of senior citizens over the age of 62 who many not qualify for the typical home equity loan, a HECM Reverse Mortgage is an ideal option for taking care of the expenses that you my encounter with old age.

As couples approach retirement, the hope to be financially secure is everyone's wish. However, with age, many retirees are also slowed down by having to depend on others to accomplish once easily done tasks. Unfortunately, this assistance comes with a sometimes unbearable cost, impeding on personal savings and pension benefits. During this very stressful time, a HECM Reverse Mortgage many be the answer to these sleepless and worried filled times.

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

HECM Reverse Mortgage Costs

noreply@blogger.com (HECM Reverse Mortgages) — Mon, 05 Mar 2012 19:50:00 +0000

HECM Reverse Mortgage Costs

Costs that are associated with HECM Reverse Mortgages are similar to a traditional home re-finance, and remain the same from one lender to another. There are out of pocket expenses as well as closing costs.

Out of pocket expenses include:
1. Government counseling session (which can be done over the phone or in person) that can cost as much as $125.
2. An FHA Appraisal which can cost anywhere from $450 for a single family home to $850 for a four family home.

The closing costs are typical to a traditional mortgage where the home equity pays the closing fees, and include:
1. A one time government insurance policy which is 2% of the property’s appraised value.
2. Title insurance
3. State fees which are standard for all mortgages.
Consult with an advisor to learn more about the fees and costs associated with HECM Reverse Mortgages.

Learn more at: HECM Reverse Mortgages

HECM Reverse Mortgage Myths

noreply@blogger.com (HECM Reverse Mortgages) — Thu, 01 Mar 2012 22:03:00 +0000

If you’re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then a HECM Reverse Mortgage may be for you!

Reverse mortgages allow you to turn the equity you have in your home into a tangible cash flow without having to sell your property or having monthly loan payments. Reverse Mortgages are tax-free and you are able to retain the title to your home. Only when the borrower dies, sells the home or no longer lives in that home does the loan have to be repaid.

HECM Reverse Mortgage Myths


MYTH : “The bank owns the home once you get into the HECM Reverse Mortgage.
TRUTH: The homeowner never loses ownership of the property


MYTH: “My Credit is not good so I don’t qualify for a HECM Reverse Mortgage”
TRUTH: Credit is not a qualifying factor for The HECM Reverse Mortgage

MYTH: “ I am going through foreclosure so I don’t qualify for a HECM Reverse Mortgage”
TRUTH: As long as the borrowers have the available equity in the property, they are 62 years or older, the HECM Reverse Mortgage can save the borrowers home from foreclosure.

MYTH: “I will be leaving my heirs a debt (or a worse off situation)”
TRUTH: The HECM Reverse Mortgage never transfers the debt to the heirs, the only way the lender expects to be repaid back is from the property.

Frequently Asked Questions about the U.S. Department of Housing and Urban Development's Reverse Mortgage Program

noreply@blogger.com (HECM Reverse Mortgages) — Wed, 29 Feb 2012 19:40:00 +0000

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. To learn more, visit HECM Reverse Mortgages

1. What is a reverse mortgage?
Senior citizens in the United States aged 62 and over have the opportunity to benefit from what is known as a reverse mortgage. A reverse mortgage is an arrangement the homeowner enters into with a lender that will allow the homeowner to receive payments from the lender based on the amount of the equity the homeowner has in the property. Payment may be in the form of monthly payments, a lump sum, in the form of a revolving line of credit or any other agreed payment terms. Some lenders are flexible, and will allow homeowners to combine options for payment.

The beauty of a government insured reverse mortgage is that the homeowner needs not worry about repayment while alive. Once the homeowner continues to live primarily on that property and upholds the terms of the reverse home mortgage, repayment is not required until after the homeowner dies. In the case of a couple, repayment is not required until after the surviving party passes.

2. Can I qualify for FHA's HECM reverse mortgage?
How to Qualify for HECM Reverse Mortgages

the borrower(s) must be over the age of 62.
The property must be the primary residence of the borrower.
The homeowner(s) must maintain their property taxes and home owners insurance. Borrowers have to go through a debts compared to income process to make sure they can maintain their property taxes and homeowners insurance.
There must be enough equity within the home in order for the borrower(s) to qualify get the HECM Reverse Mortgage.

3. What types of homes are eligible? To be eligible for a HECM Reverse Mortgage, you must live in a single family home, a 2-4 unit home with on unit occupied by the borrower or a U.S. Department of Housing and Urban Development approved condominium or manufactured home.
4. Will we have an estate that we can leave to heirs? When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed belong to your spouse or estate. This means any remaining equity can be transferred to heirs. No debt is passed along to the estate or heirs.

How HECM Reverse Mortgages Can Help You

noreply@blogger.com (HECM Reverse Mortgages) — Tue, 28 Feb 2012 20:05:00 +0000

Upon retirement, what typically happens to seniors is that they become equity rich, but cash flow poor. HECM Reverse Mortgages have the ability to give an extra income for as long as they live in their house, providing them with accessible cash without making any more payments.

The pros of a HECM Reverse Mortgage include no monthly payment due until the homeowner moves, passes away or sells the home. Also, a good credit rating and income are not a part of the qualification process, which means it is easy to qualify for a reverse mortgage."

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

Seniors who are short on cash and own their homes might want to consider a reverse mortgage

noreply@blogger.com (HECM Reverse Mortgages) — Thu, 16 Feb 2012 18:31:00 +0000

A reverse mortgage allows seniors to withdraw equity from their homes helping them to supplement their social security, pay for unexpected medical bills, make home improvements and live a comfortable retirement. Reverse mortgages are a great option for seniors aged 62 and older who are equity rich, but cash poor. If you own your house and have equity in your or a very low mortgage balance, a HECM Reverse Mortgage is probably right for you!

Is a reverse mortgage right for me?

noreply@blogger.com (HECM Reverse Mortgages) — Wed, 15 Feb 2012 17:41:00 +0000

A reverse mortgage may be the right choice if most of your wealth is tied up in your house — meaning you are cash poor and asset rich.

The following links can help you understand reverse mortgages and decide whether one makes sense for you. http://hecmreversemortgages.com/about_hecm.html

House Rich and Cash Poor? A Reverse Mortgage May Be For You

noreply@blogger.com (HECM Reverse Mortgages) — Thu, 09 Feb 2012 17:57:00 +0000

If you are over 62 and are cash poor but house rich, CBS News Money Matters says that a reverse mortgages may be the answer to your financial problems. During their August 24, 2011 episode, the money adviser explains that a reverse mortgage is right for senior who has little income and a small mortgage payment.

If this sounds like you, try out a simple HECM Reverse Mortgage Calculator!

HECM Reverse Mortgages Biggest Benefit

noreply@blogger.com (HECM Reverse Mortgages) — Wed, 08 Feb 2012 17:37:00 +0000

One of the greatest benefits of a government insured HCEM Reverse Mortgage is that the homeowner does not have to worry about repaying the mortgage during their lifetime. This is possible because once the homeowner continues to live primarily on that property and upholds the terms of the reverse home mortgage, repayment is not required until after the homeowner dies. In the case of a couple, repayment is not required until after the surviving party passes.

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

Good News for HECM Reverse Mortgages

noreply@blogger.com (HECM Reverse Mortgages) — Tue, 07 Feb 2012 23:02:00 +0000

Reverse mortgages saw a good news headline this weekend in the L.A. Times’ “Money Talk” financial column. When a reader asked for advice concerning the most suitable financial choice for her aging 82-year-old mother. They were trying to decide the best course of action to allow her mother to be able to stay in one house for the rest of her life. L.A. Times’ Liz Weston explains that a Reverse Mortgage is one of the best options for elderly homeowners.

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

HECM Reverse Mortgages in the United States

noreply@blogger.com (HECM Reverse Mortgages) — Thu, 02 Feb 2012 02:23:00 +0000

To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their primary residence. Because no monthly payments are required, there are no minimum income or credit requirements. One of the biggest benefits is that all the proceeds from the loan can be used at the borrowers discrestion and is not subject to income tax payment.

Before starting the loan process, applicants must take an FHA approved counseling class and present a certificate of completion of the course. The counseling is meant to serve as a safeguard for the borrowers and to ensure they completely understand what a reverse mortgage is. The maximum lending limit varies by county, but may not exceed $625,500.00. The loan size a borrower qualifies for is determined by the borrower's age, the lesser of the value of the home or county lending limit, and the interest rate of the program the senior selects.

The Quick Run Through on HECM Reverse Mortgages

noreply@blogger.com (HECM Reverse Mortgages) — Wed, 01 Feb 2012 02:21:00 +0000

Have you been considering a HECM Reverse Mortgage for either yourself or your elderly parents? Now more than ever you should consider taking advantage of everything that a HECM Reverse Mortgage has to offer.

The quick run through: Reverse mortgages are sold to people 62 and older. They are loans against the equity in your house. You can take this tax-free money in a lump sum or in periodic installments from a credit line, which gives you more cash to live off of. In addition, you don't have to worry about credit checks or monthly payments. When your house is eventually sold, the loan, plus accumulated interest, is repaid out of the proceeds. Anything left over goes to you or your heirs. If the house sells for less than the money owed, the Federal Housing Administration, which insures most loans today, swallows the loss.

Try out a HECM Reverse Mortgages Calculator now!

How Can I Use My Equity To Stay in My Home?

noreply@blogger.com (HECM Reverse Mortgages) — Mon, 30 Jan 2012 18:14:00 +0000

For many years, homeowners have asked themselves, "how can I use my equity to stay in my home?"

In the case of senior citizens over the age of 62 who many not qualify for the typical home equity loan, a HECM Reverse Mortgage is an ideal option for taking care of the expenses that you my encounter with old age.

As couples approach retirement, the hope to be financially secure is everyone's wish. However, with age, many retirees are also slowed down by having to depend on others to accomplish once easily done tasks. Unfortunately, this assistance comes with a sometimes unbearable cost, impeding on personal savings and pension benefits. During this very stressful time, a HECM Reverse Mortgage many be the answer to these sleepless and worried filled times.

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

The Advantages of HECM Reverse Mortgages

noreply@blogger.com (HECM Reverse Mortgages) — Fri, 27 Jan 2012 18:10:00 +0000

A Home Equity Conversion Mortgage, also known as HECM Reverse Mortgages, is a loan that uses your home as collateral. However, instead of making payments to a lender, the lender PAYS YOU! The best part is that you are not obligated to pay it back the loan until the house is no longer your primary residence -- if you move or pass away. The amount you can borrow depends on a number of factors and the amount of your home equity and current interest rates. The most basic requirement is that you and your spouse must both be 62 or older, but there are no credit checks or income verifications required.

Once you have the loan, you can take the cash in a lump sum, monthly payments, a standby line of credit or a combination of all three -- and use the money however you wish. Meaning, you are your spouse can use the money to increase your monthly income!

Try out a HECM Reverse Mortgages Calculator now!

What are Reverse Mortgages?

noreply@blogger.com (HECM Reverse Mortgages) — Wed, 25 Jan 2012 18:01:00 +0000

A reverse mortgage is an arrangement that senior citizen homeowners, aged 62 and over, can make with their lenders to allow the homeowner to receive payments from the lender based on their home equity. These payments can be in the form of monthly payments, a lump sum, a revolving line of credit or any other agreed upon terms.

How HECM Reverse Mortgages Can Help You

noreply@blogger.com (HECM Reverse Mortgages) — Mon, 23 Jan 2012 18:29:00 +0000

What happens when we get older and the cost of living continues to rise? For many of us, Social Security checks, small retirement funds and/or savings will not satisfy our monetary needs. Reverse Mortgages are a a very reputable option for those aged 62 and older who are in need of steady financial support.

Upon retirement, what typically happens to seniors is that they become equity rich, but cash flow poor. HECM Reverse Mortgages have the ability to give an extra income for as long as they live in their house, providing them with accessible cash without making any more payments.

Real Estate Broker Chris Vigil discusses the benefits of reverse mortgages in a very informative article entitled For Some, a Reverse Mortgage Makes Good Sense. He states " The pros include no monthly payment due until the homeowner moves, passes away or sells the home. A good credit rating and income is not a part of the qualification process, which means it is easy to qualify for a reverse mortgage."

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.

Understanding the HECM Reverse Mortgage Program

noreply@blogger.com (HECM Reverse Mortgages) — Fri, 13 Jan 2012 20:25:00 +0000

A number of homeowners have for years asked the question: How to use my equity to stay in my
home? In the case of senior citizens who may not qualify for the usual home equity loans, a reverse
mortgage program is ideal for taking care of the expenses that are usually incurred as one gets older.

As men and woman approach retirement, the hope is to have a financially secure retirement, but many
retirees become more and more dependent on the services of others to assist with tasks that were easy
to accomplish in the past. This assistance unfortunately comes at a cost, and in most cases, the burden
may be too much to handle using personal savings and pension benefits. A home equity conversion
mortgage, also known as HECM Reverse Mortgages, may become very useful during those retirement years.

To learn more about HECM Reverse Mortgages visit http://www.hecmreversemortgages.com/.