It seems change is in the air. As our economy changes for the better,we see more opportunity for buying and even selling homes in the Southern Utah area. This is a strange and uncommon phenomenon but welcome to many. Home inventory is dropping quickly so builder production of new homes [...]
The skies grew dark and a chill set in as people awaited the dreaded changes for the H.E.C.M. to be announced. Many had speculated the severity of what was to come while others held tight to see if there was a sunrise in the future for this long running government regulated [...]
The very popular H.E.C.M. (Reverse Mortgage) has upcoming changes which may have opportunities hidden by all the worries of the removal of the most popular product currently available. The fixed rate H.E.C.M will no longer be available beginning April 2013.
Although the fixed rate option has been the overall favorite of [...]
Absolutely! The opportunity for a senior,62 years or older,to buy a home using a HECM mortgage will be available for the unforeseen future. Until we see evidence from The Housing and Urban Development (Federal agency which regulates HECM loans) indicating anything different,We will proceed to take applications and [...]
There is so much information regarding the HECM or Reverse Mortgage being presented in today’s media. Robert Wagner,Henry Winkler and other celebrities can be seen on the television screen promoting this somewhat mysterious loan. Newspaper ads and radio spots all targeting the senior home owner.
But,is it a real [...]
During our current economic times the housing market seems to be at the forefront of everyone’s attention. Will rates stay low? How low will they go? The one constant during this mess has been the HECM (Home Equity Conversion Mortgage),better known as the Reverse Mortgage. This is only available to [...]
The HECM is the federally insured reverse mortgage product. It is insured by the Federal Housing Administration (FHA),a branch of the U.S. Department of Housing and Urban Development (HUD). HECMs account for nearly all reverse mortgages made today in the U.S. Below is statistics released by the National Reverse Mortgage [...]
So many articles highlight the advantages of the HECM mortgage but avoid the critical details which aren’t as palatable as a large chunk of money to spend tax free. This will detail the nuts and bolts of the loan.
The first requirement is age. A qualified borrower must be 62 years [...]
Robert and Jean owned their home free and clear. It appraised about $400,000. They performed a Reverse mortgage and took out about $250,000 of equity from their current home. They used this money to buy 2 rental properties. Because the Real Estate economy was at the bottom,they now own income [...]
For many years the Reverse Mortgage was known to be an option for financial relief for seniors who found themselves without antiquate means for retirement. They saved their whole life to get their home paid off then the reverse would allow them access to a large portion of the equity and [...]