The Real Estate Expert
Tuesday, July 29, 2008
Reverse Mortgages: Fact Versus Fiction
Fueled by an escalating number of Americans who are reaching their retirement years and finding that Social Security benefits are not enough, reverse mortgages are becoming more popular than ever. The loans, which allow seniors 62 and older to tap the equity in their home, do not have to be repaid until the owner dies or sells the home. For this reason, reverse mortgages are appealing, especially for people with small nest eggs.The FHA's Home Equity Conversion Mortgage (HECM) is the most popular reverse mortgage program and is federally insured. All reverse mortgages are regulated by the Department of Housing and Urban Development (HUD), which requires recipients to obtain a certificate from a credit counseling agency before gaining approval from the lender.
Full Story
posted at 02:00:52 PM | permalink
| » | Reverse Mortgages: Fact Versus Fiction |
|---|
