Myths, Pros and Cons of Hecm Reverse Mortgages
First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the lenders would take an equity position in their Borrowers homes. That practice has resulted in unfavorable feelings towards today’s reverse mortgages. The Federal Housing Administration (FHA) has set the new standards and guidelines for HECM reverse mortgage loans and their involvement has produced a safe, well thought out and balanced loan for Seniors. Look below to find some of the pros and cons of reverse mortgages. The Upsides There are no monthly payments associated with a reverse mortgage. You will never be required to make a monthly payment while you reside in your home. You stay on title and any equity remaining in the property is yours. The lender does not take…
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Myths, Pros and Cons of Hecm Reverse Mortgages
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