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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
Reverse Mortgage Safeguards
The Home Equity Conversion Mortgage (HECM) is a Reverse Mortgage loan that is insured by FHA/U.S. Department of Housing and Urban Development (HUD). There are also reverse mortgage products that are endorsed by Fannie Mae and other private institutions.
Most of the Reverse Mortgage loans made today are insured by the Federal Housing Administration (FHA); a government supported mortgage insurance program.
Borrowers must obtain independent counseling prior to applying for a Reverse Mortgage. Counseling is only available from approved, independent, third-party sources and the counseling is designed to highlight and discuss:
- Financial implications of obtaining a Reverse Mortgage.
- Other options that may exist including housing, social service, health and financial programs.
- Other home equity conversion options that may exist.
- Role and relationship between the homeowner and the lender, financial advisors, estate planning services, etc.
- Allowable costs and expenses associated with Reverse Mortgages.
- Consumers have additional sources of nationally recognized providers that can be accessed for additional information including:
- A. A. R. P. www.aarp.com/revmort
- National Reverse Mortgage Lenders Association www.reversemortgage.org
- The Department of Housing and Urban Development (www.hud.gov)
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