Once you have decided to start a reverse mortgage, you need to plan on receiving the right type of mortgage so that you can utilize the money appropriately. The available mortgages are:
1. Single-Purpose Reverse Mortgage: These are offered to those with low income by state and government agencies. This type of mortgage is utilized by the owner to pay for home-related expenses like taxes, improvements, repairs etc.
2. Home Equity Conversion Mortgages (HECMs): The pricier form of reverse mortgage which is backed by Housing and Urban Development. Generally, a HECM requires counseling before you are approved to apply for this loan.
3. Proprietary Reverse Mortgages: There is no need of counseling required before applying for this loan. The rest of the guidelines are similar to HECM loans and are backed by private companies that insure these loans.
There are many professionals that provide guidance on proceeding with a reverse mortgage. Reverse Mortgage Group is an agency with a reputable track record providing help for eligible and professional lenders who can assist you after determining your income, location, interest rate,age factor as well as property value.
Get in touch with the reverse mortgage specialists to get accurate and the most up-to-date information.
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