Have you been considering a reverse mortgage but are just afraid of some of the negative things you’ve heard? There are some negative myths that senior borrowers have heard about this type of financing that simply aren’t true and we’re going to expose some of those here. Myth #1 The Lender gets my house. This [...]
Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available. The HECM or Heck-um as you may hear it called, is the government insured reverse mortgage program offered by lenders and insured by the Federal Housing Administration. Many senior [...]
Reverse Mortgage Loans are unlike traditional loans or forward mortgages in many ways. Even the costs are figured differently. Because a Reverse Mortgage is often paid to the borrower in monthly payments or in the form of a line of credit that the borrower can access as they choose. The origination fee on the HUD [...]
As industry professionals, we often have an opportunity to sit in on conference calls on market trends and other things that affect reverse mortgages and the senior borrowers who get them. We were on one today that echoed something that we have been saying so it seems that it’s to a point where we should [...]
Some of the most popular products being pitched to seniors today are reverse mortgages. Everywhere you turn there are free seminars, free reports and free DVDs, all touting the amazing benefits these loans offer. Are reverse mortgages the answer to seniors prayers, or are they too good to be true? It all sounds so wonderful: [...]