A reverse mortgage allows a homeowner who is 62 or older to leverage the equity in their home without having to move. Repayment of the loan is not required unless the homeowners no longer live at the property, the last surviving borrower dies, or there is noncompliance on the loan terms, such as payment of insurance and property taxes. Introduced in 1961, they are also referred to as a home equity conversion mortgage or HECM. The loans are federally insured and regulated by the U.S. Department of Housing and Urban Development (HUD). Will Worthington from New South Mortgage joins us to answer all our questions.
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Total Media Management LLC dba New South Mortgage, Corp Offices 4205 Balmoral Dr SW Suite 101 Huntsville, Al 35801, some restrictions apply, NMLS 1018333, , borrowers responsible for paying their own property taxes and home owners insurance, not all borrowers will qualify, not an endorsement by HUD, FHA Mortgagee ID 31230-0000-1, Fla License MLD1391, Equal Housing Lender, Call for more details, 1-800-288-5851