These loans are backed by the Federal Housing Administration (FHA) borrowers pay an insurance premium in order to participate, which is used to fund FHA reserves. The most common type of reverse mortgage is known as a home equity conversion mortgage (HECM). However, unlike a regular mortgage, you aren’t required to make monthly loan payments you’ll repay the loan when you or your heirs sell the house. 7/11/05.If you’re a property owner who is at least 62 years old, you can borrow against your equity to get cash or a line of credit from a lender. “Reverse mortgages gain favor but aren’t for everyone.” American Medical News. “Reverse Mortgages for Seniors.” (Accessed 5/3/08) Department of Housing and Urban Development. “Home equity conversion mortgages (HECM’s).” (Accessed 5/3/08) Interim Projections by Age, Sex, Race, and Hispanic Origin.” (Accessed 5/3/08) “The role in government in life-cycle saving and investing.” The Future of Life Cycle Saving and Investing, Sponsored by Boston University, Federal Reserve Bank of Boston, and the Research Foundation. “Some Seniors Victimized in Reverse Mortgage Boom.” NPR: Weekend Edition. “Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity.
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