HERE"S THE LATEST INFO FOR YOU

One of my customers called and asked me what I knew about a way to tap the equity in her house to offset the income she lost with her mutual funds.  "I heard about this on the radio," she said, "but it sounded to good to be true.

After talking with her, she was more wrong that right on what a reverse mortgage was, as there are a lot of misconceptions on this program. 

I wanted to touch a few of the hightlights.

The Home Equity Conversion Mortgage (HECM) is the program that we offer through FHA.  This program is designed  to let you access some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

Rather than risk selling investments that are going down in value, many older Americans are considering tapping their home equity to help fund their retirement.

This program is for consumers that are:

Be 62 years of age or older, own the property as a primary residence, and not be delinquent on federal debt, and they must complete a consumer information session given by an approved HECM counselor

Another benefit to the Reverse mortgage is that no income or credit qualifications are required of the borrower, no repayment is required, as long as the property is your principal residence.

There's a ton more information on this, but if your interested, drop me an email and I'll send it to you. 

As always, please comment on my blog, let me know what you think. 

If there's other topics you'd like me to address, let me know that too.

Thanks.