Reverse mortgages are helping older Americans across the country achieve greater financial security and enjoy their retirement years to the fullest.

HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. The loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. To assist the homeowner in making an informed decision of whether this program meets their needs, they are required to receive consumer education and counseling by a HUD-approved HECM counselor.

HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, the homeowner should be able to make an independent, informed decision of whether this product will meet their needs.

You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting a FHA-approved lending institution such as a bank, mortgage company, or savings and loan association.

If you need assistance locating a FHA-approved lender, visit the following list of lenders and loan officers located in or near your home, CLICK HERE

Reverse Mortgage Association for Loan Officer (REMALO) attest to a strict Code of Ethics.  CLICK HERE

|image2|This insightful and inspirational book dispels the common myths and misconceptions associated with reverse mortgages. The real-life stories within will help the reader discover how reverse mortgages are changing the lives of seniors.
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