Home Equity Reverse Mortgage Basics
Before I get into the meat of this article about the coming changes, I want to make sure that you understand the basics of exactly how reverse mortgages work. ..
On Tuesday, August 29th, 2017 the Department of Housing and Urban Development (HUD), surprised the reverse mortgage industry by formally announcing new changes to the Home Equity Conversion Mortgage (HECM) program. HECM is the name for the FHA reverse mortgage program which encompasses about 95% of the reverse market. HUD cited concerns about the strength of the reverse mortgage program and taxpayer losses. These changes will take place October 2, 2017. ..
Some homeowners have preconceived notions about reverse mortgage loans. For example, they fear that once they get their reverse mortgage the bank owns the home, or the bank takes their home when they pass away. Of course neither of these is true. Here’s what you need to know about what happens to your house during and at the end of a reverse mortgage. ..
Based on a 2013 survey of the Board of Governors of the Federal Reserve System, around 31% of Americans said they had zero retirement savings and lacked a defined-benefit (DB) pension plan. Such a scenario is extremely stressful for people looking to retire by the time they hit their 60s. ..
Paying bills and owning a home is an inevitable part of being independent. However, when you reach a certain age, you can allow the equity in your home to work on your behalf. Most people have heard about a reverse mortgage, but there are often many questions and some apprehension regarding this untypical form of a mortgage. Given the right circumstances, this type of mortgage can be very beneficial for you and your family. Let’s start with the basics to help you further understand how an arrangement like this works and how much money you can expect to receive. ..
I’ve been specializing exclusively in reverse mortgages for over 14 years and it is easy for me to forget that a whole lot of people still don’t understand how they work. Most of the people that I talk to on a daily basis have heard and still believe at least one of the common myths about reverse mortgages. ..
Get this 28 page Consumer Guide packed with all the facts you need to make an informed decision to see if a reverse mortgage is right for you.
American Liberty Mortgage, Inc.
Bruce E. Simmons, CRMP
Reverse Mortgage Manager
1932 W 33rd Ave
Denver, CO 80211
Direct: (303) 467-7821
Cell: (303) 513-2748
Toll Free: 1-877-467-7801
Fax: (303) 600-7871