reverse mortgage basics: Reverse Mortgages - What’s the catch?
- 03/08/11 08:17 AM
Reverse Mortgages - What’s the catch? I hear that a lot, reverse mortgages sometimes sound too good to be true. ";You mean the bank will give me a loan that I don’t have to pay back until I die? Come on, really? How do they make any money? There’s got to be more to the story!"; .... and there is. A Reverse Mortgage is a loan, period. It does have to be paid back, with interest and fees, however the way in which the loan is set up can make it a good option for some senior homeowners. Think about it … (2 comments)
reverse mortgage basics: Klamath County - Reverse Mortgage Basics
- 01/12/11 04:15 PM
Hello Klamath County! Let’s get started right off the bat with the basics about this often misunderstood “senior loan”. FHA calls their reverse mortgage loan program the HECM - an acronym for “Home Equity Conversion Mortgage”. When you hear people talking about a “heck-um” they are talking about a reverse mortgage. This government insured program enables senior homeowners over the age of 62 to withdraw some of the equity in their home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home … (2 comments)
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Sharon Falvey
Oregon Reverse Mortgage Specialist and Home Equity...
Reverse Mortgages - What’s the catch? I hear that a lot, reverse mortgages sometimes sound too good to be true. ";You mean the bank will give me a loan that I don’t have to pay back until I die? Come on, really? How do they make any money? There’s got to be more to the story!"; .... and there is. A Reverse Mortgage is a loan, period. It does have to be paid back, with interest and fees, however the way in which the loan is set up can make it a good option for some senior homeowners. Think about it … (2 comments)
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