Making Dreams Possible: HECM Reverse Mortgages
The HECM Reverse Mortgage program is a great tool for senior citizens to secure funds for their retirement and eliminate the stress of monthly payments, when they’re ready to downsize their lifestyles. The HECM loan program allows senior home buyers, at the age of 62 or older, to use the proceeds of the sale of their current home in order to buy their new home, and then take a mortgage out on the new home that does not require monthly payments to be made. The new home is sold by the lenders when the home buyers are deceased, and until that time the mortgage provides the home buyers with liquid assets for the duration of their retirement.
The main reason senior citizens aren’t taking advantage of this program is because the public isn’t well educated enough about the details of the HECM Reverse Mortgage program. Almost every other mortgage includes down payments in its package, and many seniors assume this program is the same, living in homes that are beyond what they are able to pay to retain their lifestyles, instead of looking into the program more. Instead of paying monthly mortgage bills that are slowly draining their funds, they could live in a more affordable home and trade their current mortgage out for one that they don’t have to worry about repaying for the rest of their lives. The HECM program is designed to make the relocation process as simple as possible for senior home buyers.
When many senior citizens reach the age of retirement they already have an ideal home in mind, but few know that once they move into it they can also have all the spending money they’ll ever need. There really is no downside to the program, as the HECM loan program also creates a hassle free situation for the lenders of the mortgage. Typically, the older a senior citizen is when they take advantage of the HECM program, the better the mortgage rates they can receive, within FHA limits.
The lenders will take care of the sale of the home, after the home owners have passed, or if the home has been left unattended for 12 months. The heirs of the home owners can keep the home if they choose to once the home owners have passed, so long as they pay the loan off. If the home sells for more than the sum of the mortgage, the remainder is given to the heirs of the home buyers.
Many senior home buyers are living the most enjoyable retirement available, in affordable dream homes made possible by the HECM program. Purchasing through the HECM program allows home buyers to also keep the Title of their new homes, even without the monthly payments. Potential applicants are encouraged to see an HECM loan consultant today for more details, at no cost.
About The Author: William Teitelbaum is a freelance writer and authority blogger. He enjoys exercising his creativity, blogging, and spending time with family. Check out the following resource for additional info: Florida reverse mortgage You can find more on the author’s profile.
