Archive for September 2012

FTC Reverse Mortgage Tips

In an effort to provide seniors with complete and updated information about Reverse Mortgages, the Federal Trade Commission has published a pamphlet with tips and suggestions related to the Home Equity Conversion Mortgage (HECM) loan.

When budget pressures hit, senior citizens may consider a Federal Housing Administration-insured Reverse Mortgage option which will allow them to stay [...]

HECM Drawing Options

It’s estimated that only two to three percent of eligible homeowners have taken advantage of the Reverse Mortgage program. Industry analysts see about 70,000 new HECM mortgage applications originated each year. The industry had originally envisioned a larger development in the HECM industry, but statistics collected by the Consumer Financial Protection Bureau (CFPB) indicate that [...]

Tips for Potential HECM Borrowers

Seniors frequently see attractive spokespeople on television who take to the airwaves to explain the benefits of the Reverse Mortgage. The promoters discuss the pros of the Home Equity Conversion Mortgage (HECM) which include retirees’ ability to take out a loan that will allow them to access the equity that they hold in their home [...]

Moving your Retirement Location with a HECM for Purchase

Many homeowners are aware that they can access the equity that they have in their home through a Reverse Mortgage. The Reverse Mortgage, a Federal Housing Administration (FHA) insured loan, allows senior homeowners to take out a loan based on the amount of equity that they have in their home. In general, borrowers continue to [...]