In the current economic climate if you are an older homeowner having problems paying bills you may think your choices are limited. However there are a number of options available which can provide financial relief and peace of mind. Of course there is the reverse mortgage option which is what this site specializes in discussing and you should educate yourself on the pros and cons of a reverse...
Home Equity Conversion Mortgage and Home Repair
There are several things the savvy consumer needs to know about home repair and home equity conversion mortgages (HECM). In some cases, home repairs may be required in order to obtain a reverse mortgage loan. This is because the home is the collateral for the loan and since many reverse mortgages (known as HECMs) are FHA-insured, a home’s lack of durability can increase the government’s...
Home Equity Line of Credit and How it Relates to Reverse Mortgages
The financial landscape has changed quite a bit from what it was 20 years ago. People are living longer, exiting the workforce later, and not receiving as much proportionally from Social Security as individuals have in the past. The Centers for Disease Control and Prevention has reported that life expectancy rose to 78.2 years in 2009, an all-time high, based on preliminary data that includes...
Reverse Mortgages For Seniors Can Help Combat Retirement Expenses
TopRetirements.com has just recently produced their list of worst states to retire in. Starting from the worst it’s: IL, CA, NY, RI, NJ, OH, WI, MA, CT, and NV. The retirement community info site compiled a number of criteria in making its determination such as climate, taxes, and fiscal health of the state. Keep in mind that there is not a consensus regarding worst retirement states and consider...
HECM Saver Reverse Mortgage
Late last year the FHA rolled out the HECM Saver Reverse Mortgage loan for consumers seeking lower loan closing costs and an alternative to a Home Equity Line of Credit (HELOC). The program is designed for those who would like to borrow a smaller amount than what is currently available with the HECM Standard. The HECM Saver provides two opportunities to save up-front and after obtaining a Reverse...