insurance: Are Reverse Mortgages Helping Home Owner Borrowers?
- 09/21/12 09:52 AM
In recent years T.V ads about reverse mortgages surfaced targeting those aged 62 and over. The ads promised “retirement your way” and “true financial security”. Some even pitching reverse mortgages as “free money”. Reverse mortgages, also known as HECM loans, are backed by the Federal Housing Administration and are similar to home equity lines of credit, but instead of paying a monthly payment, repayment is deferred until the homeowner leaves the home, dies or fails to maintain the property, pay homeowners insurance or property taxes. The borrower in some cases can take a lump sum payment upfront and while there are … (0 comments)
In recent years T.V ads about reverse mortgages surfaced targeting those aged 62 and over. The ads promised “retirement your way” and “true financial security”. Some even pitching reverse mortgages as “free money”. Reverse mortgages, also known as HECM loans, are backed by the Federal Housing Administration and are similar to home equity lines of credit, but instead of paying a monthly payment, repayment is deferred until the homeowner leaves the home, dies or fails to maintain the property, pay homeowners insurance or property taxes. The borrower in some cases can take a lump sum payment upfront and while there are … (0 comments)
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