U.S. Gov't Guarantee
-
-
Home Equity Conversion Mortgages are federally guaranteed.
Discover Peace of Mind with a Reverse Mortgages Insured by the Federal Government
The most popular reverse mortgage is a Home Equity Conversion Mortgage (HECM), which is insured by the U.S. Department of Housing and Urban Development. The first federally insured HECM was issued in 1989, and since that time reverse mortgages have expanded in popularity. In 2008, the number of HECM applications grew to more than 14 times the number of originations in 2001, in part because the first members of the Baby Boomer generation retired.
HECMs are considered to be lower cost than other reverse mortgages, although this is not true in all cases. These reverse mortgages are non-recourse, meaning you can never owe more than the amount of your home, and safeguards are built in to protect homeowners from predatory lending practices.
HECM Advantages:- Insured by the federal government
- Non-recourse loan
- Loan up to $625,500
- May be lower cost than other reverse mortgages
- Owner-occupied single family homes, 1-4 unit homes and condominiums are eligible
Golden Gateway Financial can help you compare a Home Equity Conversion Mortgage to other lending options - just ask one of our experts.
