HOW REVERSE MORTGAGES WORK

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Home Equity Conversion Mortgage (HECM)

HECM is the most popular reverse mortgage. It was created and continues to be regulated by the U.S. Government, Department of Housing and Urban Development (HUD). HECM's make up 99% of the reverse mortgages processed in the United States.

This loan is insured by the Federal Housing Administration (FHA), which is part of HUD. The insurance protects the borrowers if: 1) the lender ever defaults on the loan, or 2) the value of the home upon sale is not worth enough to cover the loan balance. This guarantees that you or your heirs would not be responsible for any remaining loan balance.

While study after study reveals that an overwhelming percentage of seniors want to continue living in their current home for as long as possible, for some people that isn't the best, or safest, option. HECM for Purchase offers a solution to downsize into a place that is more easily navigable, more energy efficient, with lower maintenace costs, or which is closer to family and friends.

* Frequently Asked Questions
* The Reverse Mortgage Loan Process
* Myths About Reverse Mortgages
* Social Security & Medicare Benefits