How Does a Reverse Mortgage Work?
Posted in Home Mortgage on January 11th, 2009 by loisdesk – Be the first to comment
The FHA’s reverse mortgage program, called The Home Equity Conversion Mortgage (HECM) is a program that allows qualified seniors to get a loan against some of the equity in their home. Despite what lender is used, HECMs have the same interest-rates, although the closing costs and servicing fees will be different with each lender. Reverse Mortgage loans conform to the usual HUD standards and they are considered to be totally safe. read more »