Types of Reverse Mortgages - HECM Changes as of September 30, 2013

The U.S. Department of Housing and Urban Development, HUD, raised the national FHA Reverse Mortgage lending limit to $679,650 through the lobbying efforts of AARP and NRMLA, National Reverse Mortgage Lenders Association. Currently, this max lending limit is still in place, thereby helping more homeowners to obtain a Reverse Mortgage.

Federally Insured Reverse Mortgages: The Federal Housing Administration (FHA) insures the FHA HECM product. Because of the increased lending limit to $679,650, the HECM can now accomodate higher value homes thereby giving relief to homeowners with sizeable mortgage balances. If there is enough equity in your home, current mortgage balances can be paid off with the Reverse Mortgage.

So how does a Reverse Mortgage work? The loan is based on the age of the youngest borrower (you must be at least 62 upon closing), current interest rates, and home value. The older you are the more proceeds you will receive. Older borrowers are at an advantage in this regard. HUD approved Reverse Mortgage counseling is required to be sure this is the route you wish to go.

Home Equity Conversion Mortgage options: There are two FHA HECM programs: the LIBOR monthly adjustable option which has the flexibility of a monthly check, a line of credit, cash out, or a combination of all three. Then there is the FHA HECM Fixed Reverse Mortgage.

About Fixed Rates: With a fixed rate Reverse Mortgage, you are required to take all the proceeds at closing and cannot draw any monies thereafter. Some borrowers choose the fixed rate product because they are more comfortable with fixed rate products. However, many borrowers are attracted to the flexibility of the FHA LIBOR option where you can set up a line of credit, monthly proceeds, cash out or a combination of all three. In the final analysis, it's about what you plan on doing with your money.

The Reverse Mortgage is a fantastic program for any senior homeowner who wishes to access the equity in their home. HECM counseling is still required, so ask your Reverse Mortgage specialist, Kathie Adler, to provide you with a list of counselors or access them from http://www.Hud.gov.

Get the most out of your retirement and enjoy your golden years.

Many people ask me if they qualify for a Reverse Mortgage. HUD now requires a
Financial Assessment to ascertain if borrowers can pay their ongoing real estate taxes and homeowner's insurance. Lenders want to be sure borrowers can maintain these costs without getting into trouble. Therefore, there are circumstances that necessitate that a LESA (Life Expectancy Set Aside) be established so borrowers will have the funds from their proceeds to pay their taxess and homeowner's insurance.

Reverse Mortgage Counseling Required: Reverse Mortgages require federally mandated Reverse Mortgage counseling from an independent HUD approved counselor. Counseling is required prior to your appraisal and title being ordered.

When you make your appointment for Reverse Mortgage counseling you are making it with a qualified HUD approved counselor. For more information and what to expect at HECM counseling,
Click here.

Remember to ask your Reverse Mortgage Specialist for information on all your options so you will be able to provide this information when you attend counseling.

• Free Reverse Mortgage information, call 1-888-843-9797

KATHIE ADLER - Senior Reverse Mortgage Specialist
Over 12 years Reverse Mortgage Experience
Mortgage Loan Originator -New York - New Jersey - NMLS 65780
Call Kathie: 1-888-843-9797 - Cell: 631-804-9044
Advisors Mortgage Group, LLC
1045 Route 109, Suite 104, Lindenhurst, New York 11757
  www.ReverseMortgageLI.com www.AdvisorsMortgage.com
Reverse Mortgage New York, Reverse Mortgage Jersey
NJ Reverse Mortgage - Answering Your Questions!!

Understanding Reverse Mortgages is possible!  Reverse Mortgage Helpline provides information about Reverse Mortgages... Free Reverse Mortgage seminars and in home consultations help provide senior homeowners with factual information about possible retirement or the financial benefits of a Reverse Mortgage. Reverse Mortgages are sometimes called senior mortgages for senior citizens. Advisors Mortgage Group, LLC is a Multi-State Mortgage Banker with Headquarters located in Central New Jersey with offices throughout the US.  Headquarters: 1411 Highway 35, Ocean, NJ 07712. New York Mortgage Broker License: 206697.  Licensed by the N.J. Department of Banking and Insurance.  Licensed Lender and Secondary Mortgage Lender no. 631155.  (FHA License #1548300002). Advisors Mortgage NMLS 33041, Licensed Mortgage Banker-NYS Department of Financial Services, Registered Mortgage Broker-NYS Department of Financial Services. Kathleen Adler, Mortgage Originator, NMLS Identifier 65780. Website designed and maintained by Adler Web Design Copyright 2008 - All Rights Reserved. Note: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.