A Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage Loan, is a government-insured loan for those aged 62 and older, with no monthly loan payments required for as long as the borrower lives in the home, continues to pay property taxes and home owner’s insurance, maintains their home, and otherwise complies with the loan terms.
More: Read the USA TODAY investigation HUD makes data on originations of reverse mortgage loans available on its website – but foreclosures are much harder to obtain. USA TODAY waited months to.
The FHA reverse mortgage loan is also known as a Home Equity Conversion Mortgage (HECM), and is paid back when the homeowner no longer occupies the property. There are requirements for an FHA-insured reverse mortgage or HECM; The loan is based on the age of the youngest borrower if there are co-signers.
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A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity. Refinancing a reverse mortgage makes more sense for some homeowners than for others.
HECM Loan Program Qualifications. In order to refinance into a reverse mortgage: You must be 62 years of age; The home be considered your primary residence; Have equity in your home. Benefits of a HECM Loan Program. Loan pays you – can pay off existing liens. Loan balance is not due until the last owner moves, sells, or passes. Meet financial and personal goals by choosing a Home Equity Conversion.
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What is Refinancing? Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.
While refinancing activity has leveled off somewhat over. Want to ask about college savings accounts, reverse mortgages,