What is a Home Equity Conversion Mortgage?

Reverse Mortgage Maybe you’ve seen commercials on TV about Reverse Mortgages. Mortgage companies offering this Government insured mortgage solution are famous for using Celebrity spokespeople to build awareness for this underutilized home mortgage loan program. A Home Equity conversion Mortgage (HECM), also known as a Reverse Mortgage, is government insured loan program offered by the […]

How to Protect from a Financial Hardship Brought on by a Reverse Mortgage

A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell, or move out. The loan proceeds are generally provided to the borrowers as lump-sum payments, monthly payments, or as […]

How a Reverse Mortgage Works, Basics

Think of getting a reverse mortgage the same as getting a regular mortgage for your house except that the qualification process is much easier and making a house payment is optional. A reverse mortgage allows senior citizens to turn a portion of the equity in their property into cash. Since the standard mortgage method is reversed, […]

How a Reverse Mortgage Can Improve Retirement Security

Smart Ways to Use Reverse Mortgage A Reverse Mortgage or Home Equity Conversion Mortgage, HECM, has made huge changes which makes it better with the new rules passed by HUD earlier this year, as a way for some to significantly improve retirement income security. Home equity is probably the most valuable asset owned by most retirees […]

Relief for Reverse Mortgages Proposed

Congresswoman Maxine Waters (D-CA) wants better transparency for those seniors over 62 that have reverse mortgages, specifically HECM – Home Equity Conversion Mortgage. There have been may issues on what happens to non-borrowing spouses once the other spouse, the borrower, dies.   She argues that by factoring in the age of the youngest borrower in […]