Posts Tagged ‘HECM for Purchase’
FHA’S NEW REVERSE: Independent Borrower Counseling … And We Encourage Heirs To Attend!
The Department of Housing and Urban Development (HUD) now requires that a third-party counselor be involved in every FHA insured Home Equity Conversion Mortgage (HECM). Why is this so important in the protection of the borrower’s interests? Because in the old days older homeowners were getting into loans that were poorly understood and, prior to…
Read MoreDid You Know You Can Buy a Home with a Reverse Mortgage?
Reverse mortgages have become one of the primary drivers of 55+ communities over the last several years. In fact, Epcon Communities (one of the largest developers of 55 and over neighborhoods), stated after introducing their FHA Home Equity Conversion Mortgage for Purchase (H4P) in 2013[1], “Now, 30% of our homebuyers utilize this buying option. After the…
Read MoreAging In Place? Jim And Shirley Were In That Place, But It Wasn’t The Place For Them…
Jim and Shirley B. saved and invested for years and had all their assets in all the right places with a trusted financial advisor. But, with both now 75 and in great health, they just didn’t need the “big house”. So, she fixed up the old place, made it beautiful, sold it and, because Jim didn’t want…
Read MoreSurviving the Pandemic AND the Coming Recession: 5 Ways Home Equity Can Help You Thrive
Let’s face it, times are changing. The economy and financial markets have faced challenges and increased volatility. In the past, financial professionals recommended using home equity as a last resort and letting the home appreciation just happen over time. However, for those who have 60% or more equity in their home, it should certainly be…
Read MoreWhat Is A HECM 4 Purchase… And Why Should I Use It To Buy My Next Home?
First, a Home Equity Conversion Mortgage is an FHA insured, HUD regulated reverse mortgage. In fact, a HECM is the only reverse mortgage overseen and heavily monitored by the government specifically to protect senior’s home ownership interests. But, an HECM 4 Purchase (H4P) is a very special reverse mortgage available to anyone 62 years of…
Read MoreBuy Your Next home Or Refinance Your Mortgage With No Personal Guarantee? Absolutely!
Did you know the FHA Home Equity Conversion Mortgage (HECM) is the only home mortgage available that has absolutely no personal guarantees to borrowers or heirs? In fact, the home is the sole collateral on the loan. Even better, did you know there is also only one home mortgage that: Cannot be called by the lender regardless of…
Read MoreNot Your Parents Reverse, And Definitely Not A Loan Of Last Resort
This is not your parent’s reverse mortgage This is not your parents reverse mortgage; Reverse Mortgages, specifically the Home Equity Conversion Mortgage (HECM) insured by the FHA and governed by HUD, have come a long way from the wild west days. Since when? Oh, prior to around 2011! Here is just a brief list of…
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