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Mortgage Monday: Reverse Mortgage Basics

This is a guest post by Janice Brown from the Wenatchee office of American Pacific Mortgage. I have asked Janice to write an article on the Proprietary Reverese Mortgage she refers to in this post.
What you want to know about Reverse Mortgages.
There are two types of Reverse Mortgages that you need to be aware of. The most popular is the FHA insured Home Equity Conversion Mortgage or HECM (Pronounced HeckM). The second type is a Proprietary Reverse Mortgage that is not insured by FHA. If you don’t qualify for, or your home value exceeds the FHA loan limits, then a Proprietary Reverse Mortgage may be an option for you. Remember, a Reverse Mortgage whether HECM or Proprietary is a versatile financial tool that can be individualized to your specific financial needs.
I am going to focus on the FHA Insured Home Equity Conversion Loan (HECM) for this article.First you need to be 62 or older to qualify for the HECM. If your spouse is younger than 62, they may be on title, however as a non-borrowing spouse they will not be on the loan. If the older spouse dies the younger spouse may be able to live in the home ... more

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