Government Insured Reverse Mortgage

Yes. Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. If you apply for a HECM loan, you can choose from the following options: Payment of loan proceeds.

Thousands of seniors are gaining financial freedom through the government insured reverse mortgage program. This unique program was first signed into law by Ronald Reagan in 1988 and has seen lasting improvements over the years that make it a financial tool for senior homeowners.

Can I Get Out Of A Reverse Mortgage A reverse mortgage lets you borrow against your home’s equity so you get cash without selling your home. You can choose to receive a lump-sum payout, regular payments over time or a line of credit that allows you to take out money when you need it.

HECM Government Insured Reverse Mortgages. Reverse mortgages have been in existence since 1961 in the United States and have been offered as an insured product of the Department of Housing and Urban Development through the Federal Housing Administration when it was signed into law by Ronald Reagan in 1988.

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If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing.

“Reverse mortgages are one of the top regulated products and every time the government changes the rules. There is no monthly or annual mortgage insurance with the nor are there any prepayment.

The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.

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A HECM for Purchase is a government insured reverse mortgage specifically adopted for purchasing a new home.

Government Regulation. While the government may not offer Home Equity conversion mortgage (hecm) reverse mortgages directly, borrowers can rest assured that the government is involved in the origination of the loans. This is done through a government agency called the Department of Housing and Urban Development (HUD).