Reverse Mortgage
The FHA Reverse Mortgage is also called the HECM (Home Equity Conversion Mortgage).
The reverse mortgage is a government program to help those over the age of 62 by allowing them to stay in their homes with no mortgage payments. You read that right; there are no mortgage payments on a reverse mortgage.
You probably have seen commercials on tv, listened to it on the radio, or heard about them from your friends. There might be a chance you've never heard of them before. Here are some of features and benefits of having a reverse mortgage.
NO PAYMENTS! - Easily the best feature of the reverse mortgage is that you are never required to make a payment on the loan.
GOVERNMENT PROGRAM - Although a bank will most likely handle and service your loan, it's the federal government that stands behind it. You never need to worry about the bank going out of business or someone trying to change the terms of the loan.
COUNSELING REQUIREMENT - In order to make sure that this is the right plan for you, the government requires you have an independent third party not for profit organization review your case to be absolutely sure this is the plan for you.
GET CASH BACK - Not only do you not have to ever make payments, if there is enough equity in the home, you may be able to receive cash back at the closing. You can choose to receive the money in one lump sum or have it spread out over a time period you specify.
NO CREDIT CHECK - Your credit does not matter. No credit report will ever be checked.
NO INCOME REQUIREMENT - Because payments are not required, your level of income does not matter. Even if you're currently not receiving any income!
Reverse Mortgage Help
We will gladly answer any of your Reverse Mortgage related questions. There is no charge or obligation, and even the call is free. Simply call 1-888-973-8377 today.
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