Home Equity Conversion Mortgages For 62 and Over

By
Real Estate Agent with C21 Alliance Realty Group

You may have been hearing more about reverse mortgage in the news.  Reverse mortgages are a special type of home loan that allows a homeowner to convert the equity in their home into cash in a monthly payment. They can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and allow them to keep their homes if they choose to.

If you are interested in a reverse mortgage, do not pay anyone for information about reverse mortgage this information that is provided free from HUD.

 

Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining, and are currently living in the home are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes. Homeowners can select from several different loan programs.

Requirements are:

 

•·         Minimum age 62 years or older

 

•·         The property must be owned

 

•·         The property must be the primary residence

 

•·         Attendance  in a consumer information session given by an approved HUD counselor

For more information visit the HUD website:  http://www.hud.gov/

 

If you find that a Home Equity Conversion Mortgage is not the right option for you, possibly downsizing or another option would work better for you. If you choose to sell your home, for personal, caring service call Barbara Carter or Becky Cook for assistance. We can help you get your home sold when you want in the time you want and help with all aspects of the transition.

Barbara Carter and Becky Cook

Mother/Daughter Team Realtors

Exit Realty Service

10 Main Street

New Paltz  New York 12561

Barbara 845 505 3160       Becky 845 853 4210

Visit on the Web: www.UlsterNYHomes.com     Or Email: www.UlsterHomes@yahoo.com

Posted by

Real Estate in New Paltz NY 12561 and HIghland NY 12528

Barbara Carter NYS Licensed Associate Broker

Century 21 Alliance Realty Group
Route 9 Wappingers Falls NY
Cell: 845 505 3160 always the best way to reach me directly
Office: 845 297 4700
 
Please forward my contact information to anyone you feel could benefit from my services- the best compliment I can receive is your referral

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Posts to Localism
Club Chaos
Exit Peeps
Tags:
homeownership
home equity conversion mortgage
barbara carter
becky cook

Spam prevention
Show All Comments
Ambassador
588,213
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

Good morning Barbara, thank you for sharing this information. Enjoy your day. Regards, C.

Aug 15, 2008 01:59 AM #1
Rainmaker
145,362
Barbara Carter
C21 Alliance Realty Group - New Paltz, NY
Serving Your Real Estate Needs in the Hudson Valle

C- You are very welcome- Have a great weekend

Aug 15, 2008 03:06 AM #2
Ambassador
1,654,370
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Barb, this is a program that can be helpful to seniors with equity in their home but cash poor.  Your tip should be heeded,get the information from HUD because there are people out there who are not kind to our seniors.

Aug 16, 2008 05:13 PM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
145,362

Barbara Carter

Serving Your Real Estate Needs in the Hudson Valle
Ask me a question, I am always here to help
*
*
*
*
Spam prevention