If you are over 62, and own your own home (or are looking to purchase with a substantial down payment) then a reverse mortgage is something you can consider. I specifically like the HECM (Home EquityEquity is the portion of your home's value that you own. It's calculated by subtracting the balance of your mortgage and any other loans secured by the home from its current market value. Your equity grows in two ways: by paying down... More Conversion Mortgage) which is federally insured. If you have any interestInterest: the cost of borrowing money, charged as a percentage of the outstanding balance and paid in arrears (unlike rent, which is paid in advance). More, let’s talk! Call me at 603-345-5644 or email me at renee@bookendlending.com
Here is a link to my reverse website: https://www.NHreversemortgages.com
Types of Reverse Mortgage Loans
There are different types of reverse mortgage loans. The two most popular are the HECM loan (Home EquityEquity is the portion of your home's value that you own. It's calculated by subtracting the balance of your mortgage and any other loans secured by the home from its current market value. Your equity grows in two ways: by paying down... More Conversion Mortgage, insured by the FHA) and jumbo or proprietary reverse mortgage loans¹ for high value homes.
We are reverse mortgage loan specialists and are here to assist you as you explore your options and whether a reverse mortgage loan is right for you. Our goal is that as you learn more about the reverse mortgage loan you have all the information you need to make the best decision for you and your family. We aim to provide world-class service from start to finish.