Up until now I have always shied away from Reverse Mortgages. They were simply too expensive! With the collapse of the the real estate market and the volatility of the stock market, retirees and financial planners have been scrambling to figure out a way to preserve portfolios. Now there is another alternative: FHA’s Home Equity Conversion Mortgage Program, or HECM for short.
HECM providers allow seniors access to their equity at a more reasonable rate than previous reverse mortgage providers. According to the website:
"A lender can charge a loan origination fee of up to $2,500 if the home’s appraised …Read More