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Post  Ralph J on Fri Feb 08, 2008 3:21 pm

Thought all of you young seniors like myself need to know this:

A significant feature of the HECM Reverse Mortgage is that it is insured by the government’s FHA insurance program. This program ensures that you will receive all payments due to you as long as you live. It also ensures that the bank will receive full repayment of your loan balance, even if it exceeds the value of your home. This means that with a HECM Reverse Mortgage, you cannot be forced to sell or vacate your home, even if the loan balance exceeds the value of your home. In addition, as a H.E.C.M. Reverse Mortgage borrower, neither you, your heirs, nor your estate will ever owe more than your loan balance or the value of your property (whichever is lower) and no assets other than your home must be used to repay your debt, because, the FHA insurance covers any further financial obligation to the bank.

Ralph J

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