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HUD’s equity conversion mortgage like a ‘home pension’

Portland, Maine, was the birthplace of the reverse mortgage. The year was 1961, and Deering Savings and Loan was the creator. The original mortgage was designed to help a widow remain in her home afte... read more

Home Equity Conversion Mortgages (HECMS): Good for Retirees?

The property must be the borrower’s primary residence, and the borrower must be able to pay for home maintenance, insurance, and property taxes. Most reverse mortgages are home equity conversion mortg... read more

Three strategies for using a reverse mortgage to improve retirement security

He sees a reverse mortgage, particularly with the new rules passed by HUD last month, as a way for some to significantly ... The new rules finalized last month apply to the Home Equity Conversion Mort... read more

Home Equity Among Retirees

Senior-held mortgage debt was also on the rise, inching up by 0.9 percent. That might not sound like much, but that equates to a ... advisory firm located in New York, issuers of home-equity conversio... read more

Expert Calls for Lower Costs on Reverse Mortgages Used in Retirement Plans

Jack Guttentag asserts that Home Equity Conversion Mortgages used to boost a homeowner’s overall portfolio — which could also include existing savings accounts and deferred annuities — represent less ... read more

When a Reverse Mortgage Is a Good Idea for Retirement Income

Q: My wife and I are both 54, and we would like to do a reverse mortgage when we ... Government-insured reverse mortgages, known formally as home equity conversion mortgages (HECMs), have been around ... read more

HUD tightens reverse mortgage rules in bid to shield seniors

Major changes are coming to the Department of Housing and Urban Development's reverse mortgage loan program as the agency seeks to shore up its finances and better protect seniors. The Home Equity Con... read more

Reverse Mortgage: What Is It and How It Works

A reverse mortgage is a type of home equity loan for older homeowners. It does not require monthly mortgage payments. The loan is repaid after the borrower moves out or dies. It’s also known as a home ... read more

Servicers Give Updates on Non-borrowing Spouses

As complex servicing issues regarding non-borrowing spouses continue to challenge reverse mortgage originators, servicing experts offered their guidance on updates to Home Equity Conversion Mortgage . ... read more

Becoming Your Parents' Mortgage Lender

They receive Social Security and a modest pension. We would like to assist them financially ... There are a number of reverse-mortgage programs available. Among the the most popular is the home-equity ... read more

Kevin Hunt: Is This A Federal Reverse-Mortgage Offer Or A Scam?

It looked like an official government notice. Bold blue type, bordering a photograph of an older woman, declared "Approved HUD Lender" and "You May ... An HECM, or Home Equity Conversion Mortgage, is ... read more

How Do Reverse Mortgages Work?

The most common type of reverse mortgage is known as the Home Equity Conversion Mortgage, or HECM for short. These mortgages are backed by the U.S. Department of Housing and Urban Development (HUD ... ... read more