Tag - reverse mortgage

HECM – The Reverse Mortgage With Literally No Drawbacks

I'm serious... there are really no downsides to the HECM reverse mortgage. I know some of you are going to say, sure, I'm a loan officer, I'm naturally going to say that, but honestly, this program has got a bad rap and I'm not exactly sure why! It's a great program and when you learn all the details, you might think the same. The HECM stands for the Home Equity Conversion Mortgage and it's very similar to a reverse mortgage in that the bank pays you, not the other way around. Let me explain. The reverse mortgage has gotten a bad [...]

Major Changes to the Reverse Mortgage Program

On October 2, 2017, major changes to the reverse mortgage program came down the pike. Here's what you need to know. What is it? HECM, or Home Equity Conversion Mortgage, also known as a reverse mortgage, underwent some changes this year as the MBA (Mortgage Bankers Association) President supports a call to remove reverse mortgages from MMI (Mutual Mortgage Insurance) Fund and joining HUD (the Department of Housing and Urban Development. This would allow lawmakers to develop more long-term solutions to the HECM issues and current problems. This is also designed to protect borrowers as well as the FHA from major losses. Reverse [...]

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