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Reverse mortgages - Part 2 Payment plans/loan options
 
 
 
 
Photo courtest of Alex SegnePhoto courtesy of Flickr
 
My previous post covered the basics of a Reverse Mortgage. In today's post I would like to touch on the  loan products and payment plans available today.
The most popular product is the HECM (Home equity conversion mortgage).
What is a HECM Plan?A HECM Plan is a special type of Plan that enables Seniors to tap into the equity in their home and receive cash, a tax-free monthly income, and/or a line of credit, or combinations of these. There are no income, asset or credit qualifications and there are no monthly payments to make. The Plan is not repaid until the Seniors permanently leave their home. The bank does not own the home the senior does. Just like all mortgages, a lien is placed on the property but ownership continues with the senior. Reverse Mortgages are backed by the U.S. Government (HUD/FHA).
Today there is a fixed rate HECM loan! The rate is only 5.56%. This loan requires that the borrower take a lump sum at close of escrow.
So the questions is: How much money can I receive and how do I receive it? 
The amount of money ... more

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