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INTRODUCTION TO REVERSE MORTGAGES
A Reverse Mortgage is exactly what its name implies. Think of a typical mortgage and now, reverse the payment structure. Instead of borrowing money from the bank against a portion of your home and paying it back on a monthly basis, the lender pays you on a monthly basis, or in the manner you choose, for the portion of the home you have built equity in.
In the 1980’s, the Federal Housing Administration approved a new, government-insured Reverse Mortgage home equity loan product called a Home Equity Conversion Mortgage (HECM). This product was exclusively designed to meet the needs of those 62 years of age and older. A Reverse Mortgage may provide them the ability to access some of the equity in their home.
A HECM utilizes the equity in your current home and converts that equity into usable dollars that you may draw upon. You may either receive this money in a lump sum, in tenure payments or you may establish a Line of Credit (LOC) and access the monies when you need to.
As with traditional mortgages, Reverse Mortgages have either fixed (FRM) or adjustable (ARM) rates of interest. Your selection will determine if the interest rate on the mortgage remains the same throughout the life of the loan or adjusts on a monthly or yearly basis.
With a broad spectrum of options available in today’s marketplace for borrowers who are financially able to pay the annual tax and insurance payments on their homes, Reverse Mortgages can provide the means to fuel their futures.
United Northern Mortgage Bankers, Ltd. and our team of Senior Security Advisors are here to help you navigate the industry and find a Reverse Mortgage to meet your needs.
“It’s been a blessing. It’s been so nice to work with not just a professional team, but also people who cared. They cared about something that was important to me and my future.”
Dorothy M. – New York
Talk to a Reverse Mortgage Expert Today!
We’re here to answer any questions or concerns you may have about a Reverse Mortgage.