Contact Reverse Mortgage Advisors:
Contact Reverse Mortgage Advisors to learn more: Info@ReverseMortgageLoanAdvisors.com . Remember, in order for reverse mortgage advisors to discuss interest rates or fees related to reverse loans, they need to be licensed. In fact, they need to be licensed in every state they intend to conduct business in.
How to confirm licensing for a perspective advisor:
You can login to www.nmlsconsumeraccess.org and type in their full name.
A HECM is a special type of program designed specifically for American homeowners aged 62 or older. It’s a very safe financial tool that is intended to allow you to age in place, in your home for the rest of your life. While it is extremely safe, it is insured by the federal government. That being the case, FHA does require that homeowners participate in counseling prior to completing this type of loan.
Pros and Cons:
As with any financial tool, there are pros and cons associated with this loan. Decide what you want the reverse loan do help you accomplish. Ask your reverse mortgage advisor what the potential downside is. Hopefully, they don’t just say “nothing”, because there is always two sides to every coin (or financial product).
- No monthly payment (you must still maintain insurance and pay property taxes).
- Monies received is income tax free.
- You still hold title and the bank does not go on title. It’s just a loan, not transfer of ownership.
- Multiple disbursement options.
www.ReverseMortgageLoanAdvisors.com Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.