With the 2009 introduction of the HECM for Purchase the United States Department of Housing and Urban Development gave senior homeowners a new option for using the equity that they hold in their home for future financial needs.
The HECM - Home Equity Conversion Mortgage - enables senior homeowners aged 62 or older to [...]
In today’s economy many people find it prudent to examine all of their financial options as they work towards creating a budget that allows them to live within their means. For seniors the Reverse Mortgage is a financial alternative which allows them to protect their savings while meeting their living expenses.
The Reverse Mortgage is [...]
The Federal Housing Authority, an agency of the United States Department of Housing and Urban Development, introduced the Home Equity Conversion Mortgage to the housing industry in 1989. This HECM loan, also referred to as a “Reverse Mortgage” was designed to provide an opportunity for retired people and other seniors to access the equity in [...]
Since the introduction of the Home Equity Conversion Mortgage in 1989 the Reverse Mortgage loan has undergone a number of revisions. Some of these modifications were instituted in relation to changes in the housing market while others came about because of new understandings of the needs and expectations of the HECM loan public. There are [...]