HUD Announces Plans to Make Reverse Mortgages More Affordable

Dennis Norman

The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity.

A HECM is a reverse mortgage that is insured by the FHA. It is designed to enable elderly homeowners (62 years or older) to borrow against the equity in their home without having to make monthly payments as is required with a traditional mortgage or home equity loan. Continue reading “HUD Announces Plans to Make Reverse Mortgages More Affordable

St Louis Real Estate – Reverse mortgages pave the way to financial freedom for many St Louis seniors

By: Dennis Norman

seniors-in-front-of-house2

Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since, in many cases, they have been in their homes for years, raised families and have a lifetime of memories in their home selling it to realize the equity out of it is usually not something they would consider.

A “reverse mortgage” may be a “best of both worlds” alternative: A chance to get some of the equity out of your home in order to help with your living expenses or to meet an emergency or unexpected expense, without giving up the ownership of your home and without the risk of losing your home. Continue reading “St Louis Real Estate – Reverse mortgages pave the way to financial freedom for many St Louis seniors