Remember when seniors who took out a reverse mortgage were advised to stay in their home as long as they could in order for the loan to make sense? The buzz among reverse mortgage professionals at the recent National Reverse Mortgage Lenders Association annual convention was that the new HECM Saver could soon be dubbed the HECM "Savior."That's because the new wrinkle not only saved the industry with its reduced risk but it also could prove to be a less expensive option than a typical home equity line of credit for anyone over 62 needing money for a short period of time. The big difference between a line of credit and a reverse mortgage is that seniors don't have to qualify for, or make a payment, with a reverse mortgage. The U.S. Department of Housing and Urban Development and its Federal Housing Administration insures the nation's most popular reverse mortgage, known as the Home Equity Conversion Mortgage (HECM). The new HECM Saver, which carries lower upfront fe...
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