Reverse mortgages keep getting more and more attractive to senior home owners as the federal U.S. government continues to improve, modernize, and insure FHA Home Equity Conversion Mortgages, or HECM loans.
More and more senior home owners are reaping the benefits of reverse mortgages than ever before. The United States Department of Housing and Urban Development recorded over 300,000 seniors have used the FHA HECM loans with the FHA Home Equity Conversion Mortgage to convert the equity in their homes into cash and stop their mortgage payments for as long as they live in the home. Recently, the US Secretary of HUD had personally recommended the program to his older siblings!
In a summer 2007 public symposium on safeguarding homeownership, Alphonso Jackson, who is the U.S. Secretary of Housing and Urban Development proclaimed that FHA HECM loans play a critical role helping Americans over 62 stay in their homes.
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3 comments:
Good for people to know.
All these initiatives by the government are getting confusing now as new ones keep coming out. Seems like some really good help is required to sort out these terms for us.
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