Let Reverse Mortgage Pro Help You With Your Retirment

Reverse Mortgage Consumer Safeguards

The safest type of reverse mortgage is the HECM and it’s also the most used. Here are some of its important consumer safeguard features:

::   Standard & Capped Interest Rates: No matter the lender, the interest rate it’s the same and is
     calculated based on the 1-year U.S. Treasury Constant Maturity Rate.

::   Limitation on Fees: a 2% origination fee is set by HUD. As you may already know, it may
     financed as part of your mortgage.

::   Advance Disclosure: The lender has the obligation to present the borrower the total payment
     plantover the life of the loan. That way, the senior will know exactly the costs of the reverse      mortgage.

::   Independent Counseling: Prior to the mortgage application, the potential borrower will need to
     meet an independent HUD counselor.

::   No Maturity Date: You can’t be forced to pay the mortgage until you sell it or move.

::   No Prepayment Penalty: You are not obligated to pay the loan early but, if you want to, you can
     do it without having to pay any additional fees.

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Reverse Mortgage in the News

Reverse Mortgage For A Happy Retirement

The house you live in and you've paid for is probably the most expensive thing you own. The equity in your property is a valuable investment that secures your financial future.

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