reverse mortgages: FHA Reverse Mortgage
- 02/11/11 09:00 AM
FHA Reverse Mortgages for Consumers: Home Equity Conversion MortgageThe Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables the borrowers to withdraw some of the equity in their home. The borrower can choose how they want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both.The borrower can also use a HECM to purchase a primary residence if they 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 they are purchasing. The … (1 comments)
FHA Reverse Mortgages for Consumers: Home Equity Conversion MortgageThe Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables the borrowers to withdraw some of the equity in their home. The borrower can choose how they want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both.The borrower can also use a HECM to purchase a primary residence if they 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 they are purchasing.
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