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Reverse mortgages are complex, often confusing financial products. If you or an elderly relative are even considering one, it’s important to know all of the risks and pitfalls beforehand. With that in mind, we’ve created this list of facts to help you understand what can really happen if you take out one of these loans.
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Rules for a Reverse mortgage reverse mortgages are a unique type of loan that lets you convert the accrued equity of your home into usable funds. home equity conversion mortgages (or HECMs) are a reverse mortgage insured by the federal housing administration (fha) under the U.S. Department of Housing and Urban Development.
Not surprisingly, many seniors are getting gouged. The only reverse mortgage insured by the U.S. government is called a Home Equity Conversion Mortgage (HECM), and it’s only available via an FHA.
Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in.
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New Reverse Mortgage Rules Could Mean Less Cash. Most seniors hoping to use reverse mortgages to get money to help them better. to improve the financial health of the federally insured reverse mortgage program,
Proprietary reverse mortgages are not federally insured, and fees are not regulated as they are with HECM loans. It’s a good idea to work with a HUD-approved mortgage counselor if you are considering either of these non-HECM options (there may be a fee for counseling services).
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HECM (pronounced HEKUM) is the commonly used acronym for a Home Equity Conversion Mortgage, a reverse mortgage created by and regulated by the U.S. Department of Housing and Urban Development. A HECM is not a government loan. It is a loan issued by a mortgage lender, but insured by the Federal Housing Administration, which is part of HUD.
Mortgage Insurance Premium. The Mortgage Insurance Premium (MIP) is a fee paid by the borrower to the Federal Housing Administration (FHA), an agency of the federal government, to provide certain protections for both the lender and the borrower in a HECM reverse mortgage.