Like any other government regulated programs, the reverse mortgage industry experiences regular updates as mandated by the Department of Housing and Urban Development (HUD). Our reverse mortgage specialists can answer your specific questions, but this broad overview of the recent changes to the Home Equity Conversion Mortgage program (HECM) will ensure you’re an educated borrower.
Learn how older Americans can relocate, downsize, or upsize to a new primary residence, by investing as little as 25%-50%, AND have NO monthly mortgage principal and interest mortgage payments* over the life time of the loan.
*must maintain property as primary residence and keep property taxes, insurance and HOA dues current
A reverse mortgage offers homeowners age 62 and older an affordable avenue to access their home equity. For some, this provides an opportunity to pursue a lifelong dream, while others may simply make it a part of their retirement strategy.
In any case, tapping into your home’s value also makes you contractually obligated to be a responsible homeowner.
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