Recent improvements to the Home Equity Conversion Mortgage - or HECM - program have made an already great option even better!
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HECM for Purchase
In 2009, FHA introduced the Reverse Mortgage for Home Purchase Program.
Financial advisors are now including the HECM Reverse Mortgage program among the viable options to provide clients 62 years or older with flexibility and security in their retirement planning.
Viewpoint Financial and Hudson Realty have over 17 years of industry expertise in assisting senior clients in securing their futures with reverse mortgages.
Only one spouse has to be 62 or older, and the other spouse will be entitled to the same protections as the original borrower.
The premium amounts for both the initial and the annual FHA Mortgage Insurance have been substantially reduced.
In fact, all fees associated with the HECM Reverse Mortgage program have been substantially reduced, making a great program even better.
Some applicants may qualify for the new fixed rate HECM loan program.
All HECM loans are insured by the FHA, and the proceeds from a HECM loan are income tax free.