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If you
are a homeowner and at least 62 years of age, this
unique type of mortgage might be right for you.
These mortgages, which are generally government insured,
are known as Home Equity Conversion Mortgages (H.E.C.M.s)
and enable qualified homeowners to access money that
does not have to be paid back during your lifetime. The
lender retains an interest in the home, which is paid
back later when you no longer live in or own the home.
In today’s economy, qualified homeowners in need of cash
can take advantage of the equity in their home without
having the monthly expense found with your typical
mortgage. The limit on the amount of such a mortgage may
now be increased under new guidelines of the federal
Stimulus Plan.
In addition, you don’t generally need to prove income in
order to qualify for this type of mortgage. The loan
process is much simpler and more streamline with
reverse mortgages.
Recent changes in the law may now allow qualified buyers
to utilize this type of mortgage when purchasing a home
as well.
Call our office if you have any interest in or questions
about how this type of mortgage can be put to work for
you.
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