You can select from various payment plans to determine the best way to disburse the loan proceeds.ĭid you know that you can also purchase a new home with the HECM For Purchase (H4P) option? If you have the funds to close to pay for the difference between the loan proceeds available through the HECM and the property sales price including loan closing costs and fees, then the H4P may be right for you.Īfter closing a reverse mortgage, you are not required to make a monthly mortgage payment.
#Moneyhouse mortgage professional#
Your experienced and professional Moneyhouse Mortgage Loan Originator will assist you in providing choices for the “Right Fit” program that will meet your specific needs. Today’s reverse mortgage provides you with many features and benefits. The reverse mortgage program (also known as the Home Equity Conversion Mortgage (HECM) Program) requires your participation in a reverse mortgage consumer information counseling session conducted by a HUD–approved counselor, before originating your loan application. The program is highly regulated and includes many Borrower safeguards to ensure a safe and secure transaction for the Borrower(s) offered through the Department of Housing and Urban Development (HUD). The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. At that time, the Loan Servicer will assist the estate to repay the balance of the reverse mortgage with options including the sale of the home to pay off the outstanding balance.Īll remaining equity is inherited by the estate.
When property charges (typically real estate taxes, hazard insurance, flood insurance and assessments) are paid current, the loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. A reverse mortgage is a loan for senior homeowners that allows for use of a portion of the home’s equity as collateral.
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