First Time Home Buyers Info
First Time Home Buyers info
Home Equity Conversion Mortgages for Seniors
[Govt. approved plan known as HECM]
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage INSURED by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.
- Reverse Mortgage can serve as a valuable tool in helping children and grandchildren combat the foreclosure trend.
- Taking out a reverse mortgage can solve numerous financial issues at once.
- A reverse mortgage does not result in additional monthly payments.
- The benefits of a reverse mortgage go beyond just writing a check and handing it to a family member.
See a Property Flyer with Reverse Mortgage option numbers
Click Here> Reverse Mortgage flyer Jayesh Khatri
Borrower Requirements – You must:
- Be 62 years of age or older
- Own the property outright or paid-down a considerable amount
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
- Participate in a consumer information session given by a HUD- approved HECM counselor
The following eligible property types must meet all FHA property standards and flood requirements:
- Single family home or 2-4 unit home with one unit occupied by the borrower
- HUD-approved condominium project
- Manufactured home that meets FHA requirements
- Income, assets, monthly living expenses, and credit history will be verified.
- Timely payment of real estate taxes, hazard and flood insurance premiums will be verified
But how does the program really work? Please explain….
Call 407-592-3309 for a 20 minute no obligation FREE Consultation. Also keep your questions ready for me to answer.
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