How Do Reverse Mortgages Work
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The new HUD approved Reverse mortgage program allows lenders the option of charging fewer lender related fees, saving borrowers thousands.
All lenders are not equal: Some HUD approved reverse mortgage lenders have lowered fees while others have completely elimnated bank related charges.
To be sure your lender is offering you the best possible deal complete the simple form to the right. We will have a HUD approved lender that charges the least in fees contact you.
Reverse mortgages are a special type of home loan that lets a homeowner convert the equity in his/her home into cash. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
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You can also use a reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing. Next
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HUD's Federal Housing Adminsitration (FHA) created Reverse Mortgages, known as HECM's or Home Equity Conversion Mortgages. The HECM loan is a Safe Government Backed Program.
Since your home is probably your largest single investment, you should know more about all of your options to decide if a Reverse Mortgage is right for you. Consult your family or advisors.