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The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which accounts for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA—HUD) They set the rules and regulations. AARP just released a study
(12-12-2007) here’s the web address that will link you directly to the report on AARP website…
http://www.aarp.org/research/credit-debt…
You can also go directly to http://www.HUD.gov to research Reverse Mortgages. Seeing it’s their program why not go right to the source. Part of the Reverse Mortgage process is that you have to talk to an independent HUD approved third party counselor to make sure you understand the program and that it was explained to you correctly. (government safeguard). There is no charge for this and you can do this anytime you want. Just another avenue to answer your questions. I hope these resources help in your decision making. If I can be of any other assistance let me know. For disclosure purposes……I have been in the Reverse Mortgage business for over 2 years and I am a Reverse Mortgage Consultant for EverBank Reverse Mortgage. Also Federal law requires that the homeowner MUST remain on title, thus maintaining ownership of the home.
Regards,
Stephen
First of all the fee for a reverse mortgage is expensive. You will experience increased debt as there will be interest added to the loan balance. The sum of money one receives on a reverse mortgage is based on current interest rate, location, value of the home,additional borrowers, and the age of the youngest borrow (if there’s one). You only receive between 55 and 85 % of the appraised value of your home. Things are hard while living on a meager income but before you dive in its’ advisable that you seek counsel from a reverse mortgage counselor.
yeah man , that is lot of money , but almost every one go through it