The Importance of Home Inspections for Seniors Looking to Age in Place
This article was originally posted at https://www.inspectionsupport.net/resources/importance-of-home-inspections-for-seniors/ and is posted here with permission.
This article was originally posted at https://www.inspectionsupport.net/resources/importance-of-home-inspections-for-seniors/ and is posted here with permission.
Can you refinance a home equity conversion mortgage? Yes, this is where you pay off an existing HECM with a new HECM loan. And here’s why…
I cannot recall a better time to get a reverse mortgage. Rates are the lowest that I’ve seen, and property values are still high.
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If the FHA insured reverse mortgage, known as the Home Equity Conversion Mortgage (HECM), is anything, it is an incredibly flexible financial instrument.
When I entered the reverse mortgage business back in 2003, I thought it was a great program that would never change…Then 2008 happened.
Effective January 1, 2020, FHA increased the Maximum Claim Amount (MCA) from $726,525 to $765,600.
A portfolio reverse mortgage is a loan that has guidelines established by one individual lender, not a big government sponsored enterprise (GSE), like Fannie Mae or Freddie Mac.
As with most home mortgages, the Home Equity Conversion Mortgage (HECM), which is the name for the FHA reverse mortgage program, requires a full appraisal.