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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 ... read more

Is a Home Equity Conversion Mortgage Right for You? - TheStreet

You first need to understand the details of a Home Equity Conversion Mortgage (HECM) and then determine if and when it makes sense for you to get one. There are many factors to evaluate before ... read more

Should You Get a Home Equity Conversion Mortgage (HECM)? - Yahoo Finance

If you’re of retirement age and want to supplement your income, you may want to consider a Home Equity Conversion Mortgage (HECM). A HECM is a reverse mortgage through the Federal Housing ... read more

HUD Steps In but Reverse Mortgages Still a Risk for Seniors - Law.com

(Office of the Assistant Secretary for Housing-Federal Housing Commissioner; home Equity Conversion Mortgage Insurance Demonstration: Additional Streamlining, 61 Fed. Reg. 49, 030 (Sept. 17, 1996)). read more

HUD Offers Statement in Support of Reverse Mortgage Program, Though Questions Remain

The U.S. Department of Housing and Urban Development (HUD) has given perspective on the Home Equity Conversion Mortgage (HECM) program to RMD, though some key questions about the program itself ... read more

New reverse mortgage rules set by HUD - ksdk.com

Reverse mortgages are a popular way for seniors to access needed funds. In a reverse mortgage, you are, in essence, incrementally selling your home back to a lender with the proceeds set up as a ... read more

How Much Equity Do You Need for a Reverse Mortgage? - MSN

You need to have a certain amount of equity in your home before you can take out a reverse mortgage. The amount you will need will vary by lender, but typically, you must have at least 50% equity ... read more

A reverse mortgage sounds great, but there are risks

Are you 62 or over, house poor and barely making ends meet? If so, the Department of Housing and Urban Development (HUD) claims to have the answer. It’s called a Home Equity Conversion Mortgage ... read more

How to Use Home Equity as Retirement Income - MSN

Strategies like downsizing, reverse mortgages, home equity loans, and home equity investments offer different ways to access home equity, each with its own risks and rewards. read more