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 … (3 comments)
reverse mortgages: Reverse mortgages - Part 1 The basics
- 09/09/09 07:29 AM
There are so many questions that arise about reverse mortgages. The main questions are related to whether or not a reverse mortgage makes good sense and if they are safe. Seniors and their families need help in getting enough information to determine if a reverse mortgage is the right loan product to suit their needs. Many times I will advise a senior not to do a reverse mortgage if it is not in their best interest. I am going to address the most common aspects and concerns of reverse mortgages over the next few days. Please feel free to ask questions … (8 comments)
;)
;)
;)
