![]() ![]() These products allow people 62 and older to fund their needs without making monthly loan payments. The most commonly used form of reverse mortgage, the Home Equity Conversion Mortgage (HECM), is regulated, insured, and structured by the FHA. Reverse mortgages can function as tools for debt consolidation, mortgage repayment, home repair funding or whatever the borrower desires, and while they can come with significant costs and fees, reverse mortgages can help borrowers maintain more liquidity of their assets. Where lenders and brokers once had the freedom to exploit these products, the Federal Housing Administration and other government entities have been working to maintain the original intent of the reverse mortgage, which was to help retirees find the resources they need to comfortably fund retirement. Government regulation of reverse mortgage lending has evolved significantly over the last three to ten years.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |