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How the New Reverse Mortgage Option Can Keep You In Your Home
How the New Reverse Mortgage Option Can Keep You in Your Home
If you or someone you know is struggling to make ends meet in their golden years, the new reverse mortgage option might provide the right solution.
As a member of the Top 5 in Real Estate Network®, I, along with my team, are committed to providing our clients - and consumers in general - with the latest updates and programs coming out of Washington, such as the FHA's (Federal Housing Administration) new, modified version of its Home Equity Conversion Mortgage (HECM) product, available on or after Oct. 4.
According to FHA, the HECM loan is a reverse mortgage that enables older homeowners to utilize the equity in their homes to cover everything from living expenses to health care costs. The loan allows homeowners to do this while remaining in their home, without having to make the mortgage payments traditionally associated with an equity loan.
FHA's HECM Saver is a second reverse mortgage option for the purpose of lowering upfront loan closing costs. HECM Saver will have an upfront premium of only 0.01% of the property's value. This is ideal for homeowners who want to borrow a smaller amount than ... more

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