Posts tagged HECM
What is the HECM for Purchase Program?

The Home Equity Conversion Mortgage for Purchase program is a part of HUD’s larger HECM program. It allows eligible home buyers to get a reverse mortgage and purchase a home, all under one single mortgage transaction.

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When to Consider a Reverse Mortgage

Reverse mortgages can be a useful tool for seniors and retirees for a variety of reasons. Much like with social security, the value of a reverse mortgage increases the longer you can hold out. The benefit of aging is qualifying for more money from your reverse mortgage. After all, the maximum amount you are eligible to borrow uses your age as one of the determining factors.

You must be 62 years of age or older to be eligible for a reverse mortgage, but that doesn’t mean you should jump at the opportunity right after blowing out your birthday candles. Remember, it pays to wait.

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What Are the Closing Costs on a Reverse Mortgage?

The closing costs for a reverse mortgage are dependent on the type of reverse mortgage loan chosen, the lender chosen and the money taken out upfront. Here, find a list and brief explanation of typical fees at closing.

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