Header image for Doug Cook, Reverse Mortgage Specialist
 

HECM Reverse Mortgage Facts

  1. HECM loans are often an appropriate and valuable financial tool for seniors in need.

  2. Reverse mortgages are not for everybody. See the four reasons that a reverse mortgage might not be your best option.

  3. Your home is not sold or given to the bank. You remain in title and control of your property.

  4. The loan proceeds you receive are tax free. (Please insert the usual disclaimer of "Consult Your Tax Advisor" here.)

  5. There are no monthly payments required on principal and interest. HECM borrowers are responsible for the payment of property taxes, homeowners insurance, and the maintenance of their home.

  6. HECM borrowers must credit/income qualify under HUD/FHA's Financial Assessment guidelines.

  7. Most loan fees can be financed into the loan.

  8. There are no restrictions on how you may use the loan funds.

  9. The loan is never due and payable as long as one of the borrowers lives in the home. There are no time or age limits - even if you live to be 120!

  10. Upon the sale of your home and paying off the HECM loan, all remaining equity in your home goes to you or your heirs.

  11. HECM Reverse Mortgages are non-recourse loans, which means that you or your heirs will never owe more on this loan than the fair market value of the home. (See living to 120 above.)

  12. Your Social Security benefits will not be effected.*

  13. *NOTE: SSI and some other low income assistance programs can be effected by cash accumulation in your bank account. Please consult the appropriate program advisor.
QUESTIONS?
Click Here To
Home
HECM Basics
12 Facts
Borrower Qualifications
The Loan Process
Financial Assessment
Who Owns the Home?
Who Owns the Equity?
When is the Loan Due?
A Non-Recourse Loan
It's Your Money
HECM for Purchase

_________________
First Federal
Savings Bank
NMLS 402963
1880 S Eagle Rd
Meridian, ID 83642

dcook@bankfirstfed.com
National Reverse Mortgage Lenders Association Logo

Home | HECM Basics | 12 Facts | Borrower Qualifications | Loan Process | Financial Assessment
Who Owns the Home? | Who Owns the Equity? | When is the Loan Due? | A Non-Recourse Loan | It's Your Money
| HECM for Purchase |
Copyright© 2019 Doug Cook FDIC & Equal Housing Lender Logo
HECM borrowers are responsible for the payment of property taxes, homeowners insurance, and the maintenance of their home. Rates and fees vary by lender. All credit products subject to approval. Information presented was not created or approved by HUD/FHA.
_____________________________________________________________
First Federal Savings Bank | 1880 S Eagle Rd | Meridian, ID 83642
Institution NMLS: 402963

www.MortgageFirstFed.com/dcook
www.BankFirstFed.com

First Federal Savings Bank provides HECM Reverse Mortgage lending in the states of
Idaho, Oregon, Washington, Montana, Wyoming, Utah and Nevada.
_____________________________________________________________