subject: The Fha Hecm Reverse Mortgage [print this page] The FHA HECM reverse mortgage program is a loan that can help seniors create a regular source of income for themselves without having to work. This loan works differently than any other type of mortgage loan on the market.
FHA HECM reverse mortgage, otherwise known as the FHA HECM loan is the most popular reverse mortgage program. The government designed it to help keep seniors secure and in their homes as they enjoy the rest of their lives. A HECM loan is a special type of home loan that enables home owners to convert a portion of their equity into cash. The equity built up over years of home mortgage payments and appreciation can be used by you, without you having to sell the home. Unlike a traditional home equity loan or second mortgage, no repayment is required as long as youre living in your home. The U.S. Department of Housing and Urban Development reverse mortgage provides these benefits, and the Federal Housing Authority's HECM loan is federally insured.
A Reverse Mortgage HECM Loan or FHA Home Equity Conversion Mortgage is working for more and more senior home owners each and every day.
The money received through a reverse mortgage can be used for whatever you want! You are not restricted in how to use the funds. Here are the basics of the FHA HECM reverse mortgage and how it works.
A HECM Plan is easy to obtain, provided that: A homeowner (and/or their spouse) is at least 62 years of age or older, they occupy the home as their primary residence, and they have some equity in their home (proceeds of the reverse mortgage can be used to pay off existing liens or mortgages.)
The amount of money you receive from a HECM Plan is determined by the home value, the number and age of the homeowner(s) and the current interest rate. A representative from Golden Years will assist in evaluating their options and calculating the maximum amount of money that will be available to them.
Just like a typical mortgage loan, reverse mortgage costs include appraisal, credit report, title insurance, legal fees, loan origination, and recording fees. These normal loan costs can be included in your loan balance.
The existing loan must be paid off as part of the settlement of the reverse mortgage. Often the reverse mortgage is used to refinance an existing loan. Interest is charged in a way you can live with. The interest rates on a reverse mortgage can be adjustable or fixed. You are not charged any interest on money that have been approved but not yet withdrawn.
A FHA HECM reverse mortgage can provide money when you need it. Make the most of your retirement with a reverse mortgage, Feel free to call us at 800-630-0650 and we have the experienced and the expert Senior Advisors to help you spend a secure and comfortable retirement in the home youve grown to love. We've helped thousand of senior homeowners solve their financial, it's time we help you.
Tim Jacobs
Golden Years Mortgage Solutions
Your MoneyWhen You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com
Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. Weve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.
