Reverse Mortgage Loans

A Reverse Mortgage Loan which is also called Home Equity Conversion Mortgage (HECM) is a unique loan type geared towards seniors and insured by the FHA. This special type of loan allows seniors to access and benefit from the equity they have built in their home. The borrower may take out a line of credit or a certain amount (or both) from the equity.

Reverse Mortgage LoansThere are several points to consider if you decide on a Reverse Mortgage Loan:

While a reverse mortgage may sound like a great option for seniors, because the loan does not have to be repaid until the borrower’s passing, the house is being sold or the owner moves out of the home, there are some important things to consider before you jump on a reverse mortgage:

Because of those drawbacks it is mandatory for applicants to attend a HUD approved home counseling program to make certain the borrower understands all implications of a reverse mortgage loan.

KDA Home Financial has extensive experience and knowledge with government backed loans. If you think a reverse mortgage might be right for you contact us today at 480-939-3009.

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