src="http://pagead2.googlesyndication.com/pagead/show_ads.js">Need a reverse mortgage? Great News, here is everything you need to know to get THE BEST rates! A “reverse mortgage”, also known as a Home Equity Conversion Mortgage (HECM), is relatively new to the banking world. What is a reverse motgage?
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The property owner must be 62 years old or older and have no mortgage or has a substantial equity in the property. HECM’s differ from regular mortgages because repayment is not required until the property owner moves or dies.
Are Reverse mortgages a good idea for the elderly? A HECM may not be smart for older seniors who will be moving within a few years.
To determine whether you are eligible for a HECM use a reverse mortgage calculator. These calculators are straight-forward and do not require special skills to determine is a reverse mortgage is a good thing to do. Be very careful of lenders trying to get information in order to make a contact.
How do you apply for a reverse mortgage?
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What banks offer it? Is a reverse mortgage a scam? Seniors may fall for high pressure tactics of fraudulent sales people. This type of loan can be a VA and offer financial freedom. Can it lead to a foreclosure? What does Dave Ramsey Say about the Reverse Mortgage? How about Suze Orman or Howard Clark? Can you do a reverse mortgage if you have a second mortgage? Get answers by searching your local bank and loan officer.
