How I got my Money for my Trip
in travel journal Going to Europe
Location: Jacksonville, Florida, Florida, USA
HECM, or Home equity conversion mortgages, has been one of the most popular areas of reverse mortgaging since the inception in 1987. These loans are insured with the Federal Housing Administration (FHA) and they're the only mortgages that are garaunteed by the federal government.
To summarize, you must be 62 years or older to qualify and have a house that is your main residence to qualify for these reverse mortgages. You must have this house owned or have a small amount of mortgage that you could possibly pay off with your new loan. It has to be a single family or a multiple unit property that you own. Other types of homes could qualify as well, such as condos, townhouses, mobile homes could qualify as well.You could recieve many different sums of cash, depending on multiple factors such as where you're located, your age, and the value of the home. There are many options to recieve your cash, a lump sum is a possible option, as well as a fixed amount of cash. The only variable depends on if you actually stay in your home. A lot of people's house is the largest financial item.
There are many oppurtunities out there that will allow you to make the right choice before you get a reverse mortgage. For example, you can pre-calculate your rates using a HECM calculator, such as the one at: http://reversemortgagespace.com/hecm-calculator/.Making the right choice before you take action takes a lot of consideration in your part. Talk to your spouse or significant other, and your family. You should be knowledgable about reverse mortgaging before taking any action. Talk to a local financial expert and do your fair shair of online researching. When you think you're ready, get in contact with a reverse mortgage lender!