“We’re taking needed and prudent steps to put the HECM program on a more sustainable footing so that it can remain a resource for senior borrowers, “ said HUD Secretary Ben Carson as tweeted by FHA.gov.The Housing and Urban Development announced on August 29, improvements to its reverse mortgage Read more
Taking out a Reverse Mortgage? You Might Want to Read CFPB’s Warning.
The Consumer Financial Protection Bureau (CFPB) gave a warning to consumers aged 62 and older who are considering a reverse mortgage to delay dipping into their Social Security benefits.In a 26-page issue brief dated August 2017, the Bureau determined that: (i) the costs of using a reverse Read more
A Senior’s Guide to HECM Refinance Costs
One primary requirement for any HECM refinance is meeting the refinance benefit factor. Simply put, your benefit from the refinancing should be five times more than the costs associated with the refinance. Refinancing your existing Home Equity Conversion Mortgage can be costly and would thus not Read more
Why Does an HECM Reverse Mortgage Have MIP?
An HECM Reverse Mortgage gives seniors access to the equity in their home. It is a common program for people over the age of 62 who own their home outright. Whether they are in a bind and need funds or they want to enjoy their money while they are alive, the HECM can help. The reverse mortgage works Read more
Meeting the Special Requirements for a Reverse Mortgage
The reverse mortgage offers senior borrowers to tap into the equity of their home. The loan program, also known as the Home Equity Conversion Mortgage, works differently than a standard home equity loan. Many seniors use this opportunity to have supplemental income when their social security does Read more
