The Home Equity Conversion Mortgage (HECM) is an ingeniously constructed financial instrument that can meet a wide variety of needs of homeowners 62 or older. In addition to its versatility, HECMs are also extremely flexible, permitting changes in the ways in which seniors receive funds as their needs change over the years.
A Home Equity Conversion Mortgage (HECM) refers to a reverse mortgage loan for homeowners 62 years of age or older that is insured by the Federal Housing Adminstration (FHA). 1 Since 1990 there have been more than 1 million HECM reverse mortgages issued. 2 The HECM loan program contains special requirements like HUD counseling and a property value ceiling.
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· The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out. Reverse mortgages, which allow homeowners 62 and older to.
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Take the terms of the loan very seriously. Shop around for the best deal on your HECM or private reverse mortgage. Think through the implications of rolling up your reverse mortgage fees and closing costs into your loan. To start with, you may be reducing the funds that are available to you. The consumer financial protection Bureau warns:
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However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
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