QUESTION: What are the costs involved in a reverse mortgage?November 1, 2018
QUESTION: I live in Colorado and want to know how much down do I need to buy a house. I know there are programs out there, but not sure which is the best one for me.December 1, 2018
No. A HECM (Home Equity Conversion Mortgage) reverse mortgage is insured by the Federal Housing Administration.
This insurance feature guarantees that you will never owe more than the value of your home when the loan becomes due. No debt will be left to your heirs. And if the loan balance is less than the market value of the home, the additional equity is retained by the homeowner/heirs (if the home is sold).
For a FREE Consultation to answer any further questions you may have and to discuss a solution to your unique situation, CLICK HERE to schedule a call with one of our lending experts.